Correlation Between Xingguang Agricultural and Henan Shuanghui
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xingguang Agricultural Mach and Henan Shuanghui Investment, you can compare the effects of market volatilities on Xingguang Agricultural and Henan Shuanghui and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Xingguang Agricultural with a short position of Henan Shuanghui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xingguang Agricultural and Henan Shuanghui.
Diversification Opportunities for Xingguang Agricultural and Henan Shuanghui
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Xingguang and Henan is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Xingguang Agricultural Mach and Henan Shuanghui Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Henan Shuanghui Inve and Xingguang Agricultural is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Xingguang Agricultural Mach are associated (or correlated) with Henan Shuanghui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Henan Shuanghui Inve has no effect on the direction of Xingguang Agricultural i.e., Xingguang Agricultural and Henan Shuanghui go up and down completely randomly.
Pair Corralation between Xingguang Agricultural and Henan Shuanghui
Assuming the 90 days trading horizon Xingguang Agricultural Mach is expected to under-perform the Henan Shuanghui. In addition to that, Xingguang Agricultural is 3.14 times more volatile than Henan Shuanghui Investment. It trades about -0.29 of its total potential returns per unit of risk. Henan Shuanghui Investment is currently generating about -0.11 per unit of volatility. If you would invest 2,583 in Henan Shuanghui Investment on October 22, 2024 and sell it today you would lose (59.00) from holding Henan Shuanghui Investment or give up 2.28% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xingguang Agricultural Mach vs. Henan Shuanghui Investment
Performance |
| Timeline |
| Xingguang Agricultural |
| Henan Shuanghui Inve |
Xingguang Agricultural and Henan Shuanghui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xingguang Agricultural and Henan Shuanghui
The main advantage of trading using opposite Xingguang Agricultural and Henan Shuanghui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xingguang Agricultural position performs unexpectedly, Henan Shuanghui can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Henan Shuanghui will offset losses from the drop in Henan Shuanghui's long position.| Xingguang Agricultural vs. Unisplendour Corp | Xingguang Agricultural vs. Shanghai V Test Semiconductor | Xingguang Agricultural vs. Union Semiconductor Co | Xingguang Agricultural vs. Panda Financial Holding |
| Henan Shuanghui vs. China Sports Industry | Henan Shuanghui vs. Sportsoul Co Ltd | Henan Shuanghui vs. Luolai Home Textile | Henan Shuanghui vs. Fiberhome Telecommunication Technologies |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |