Correlation Between Xingguang Agricultural and Hangzhou EZVIZ
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By analyzing existing cross correlation between Xingguang Agricultural Mach and Hangzhou EZVIZ Network, you can compare the effects of market volatilities on Xingguang Agricultural and Hangzhou EZVIZ 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 Hangzhou EZVIZ. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xingguang Agricultural and Hangzhou EZVIZ.
Diversification Opportunities for Xingguang Agricultural and Hangzhou EZVIZ
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Xingguang and Hangzhou is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Xingguang Agricultural Mach and Hangzhou EZVIZ Network in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou EZVIZ Network 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 Hangzhou EZVIZ. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou EZVIZ Network has no effect on the direction of Xingguang Agricultural i.e., Xingguang Agricultural and Hangzhou EZVIZ go up and down completely randomly.
Pair Corralation between Xingguang Agricultural and Hangzhou EZVIZ
Assuming the 90 days trading horizon Xingguang Agricultural Mach is expected to under-perform the Hangzhou EZVIZ. In addition to that, Xingguang Agricultural is 3.03 times more volatile than Hangzhou EZVIZ Network. It trades about -0.38 of its total potential returns per unit of risk. Hangzhou EZVIZ Network is currently generating about -0.33 per unit of volatility. If you would invest 3,177 in Hangzhou EZVIZ Network on October 14, 2024 and sell it today you would lose (311.00) from holding Hangzhou EZVIZ Network or give up 9.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xingguang Agricultural Mach vs. Hangzhou EZVIZ Network
Performance |
| Timeline |
| Xingguang Agricultural |
| Hangzhou EZVIZ Network |
Xingguang Agricultural and Hangzhou EZVIZ Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xingguang Agricultural and Hangzhou EZVIZ
The main advantage of trading using opposite Xingguang Agricultural and Hangzhou EZVIZ positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xingguang Agricultural position performs unexpectedly, Hangzhou EZVIZ 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 Hangzhou EZVIZ will offset losses from the drop in Hangzhou EZVIZ's long position.| Xingguang Agricultural vs. Tianjin Silvery Dragon | Xingguang Agricultural vs. Kuang Chi Technologies | Xingguang Agricultural vs. Uroica Mining Safety | Xingguang Agricultural vs. Unisplendour Corp |
| Hangzhou EZVIZ vs. Vohringer Home Technology | Hangzhou EZVIZ vs. Xingguang Agricultural Mach | Hangzhou EZVIZ vs. Zhejiang Yinlun Machinery | Hangzhou EZVIZ vs. Markor International Home |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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