Correlation Between Tianjin Silvery and Xizi Clean
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By analyzing existing cross correlation between Tianjin Silvery Dragon and Xizi Clean Energy, you can compare the effects of market volatilities on Tianjin Silvery and Xizi Clean 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 Tianjin Silvery with a short position of Xizi Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Silvery and Xizi Clean.
Diversification Opportunities for Tianjin Silvery and Xizi Clean
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Tianjin and Xizi is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Silvery Dragon and Xizi Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xizi Clean Energy and Tianjin Silvery 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 Tianjin Silvery Dragon are associated (or correlated) with Xizi Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xizi Clean Energy has no effect on the direction of Tianjin Silvery i.e., Tianjin Silvery and Xizi Clean go up and down completely randomly.
Pair Corralation between Tianjin Silvery and Xizi Clean
Assuming the 90 days trading horizon Tianjin Silvery Dragon is expected to generate 1.0 times more return on investment than Xizi Clean. However, Tianjin Silvery Dragon is 1.0 times less risky than Xizi Clean. It trades about 0.04 of its potential returns per unit of risk. Xizi Clean Energy is currently generating about -0.01 per unit of risk. If you would invest 456.00 in Tianjin Silvery Dragon on October 29, 2024 and sell it today you would earn a total of 185.00 from holding Tianjin Silvery Dragon or generate 40.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianjin Silvery Dragon vs. Xizi Clean Energy
Performance |
| Timeline |
| Tianjin Silvery Dragon |
| Xizi Clean Energy |
Tianjin Silvery and Xizi Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Silvery and Xizi Clean
The main advantage of trading using opposite Tianjin Silvery and Xizi Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Silvery position performs unexpectedly, Xizi Clean 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 Xizi Clean will offset losses from the drop in Xizi Clean's long position.| Tianjin Silvery vs. Shantui Construction Machinery | Tianjin Silvery vs. Masterwork Machinery | Tianjin Silvery vs. Wintao Communications Co | Tianjin Silvery vs. Agricultural Bank of |
| Xizi Clean vs. Hengli Industrial Development | Xizi Clean vs. Sichuan Yahua Industrial | Xizi Clean vs. Rising Nonferrous Metals | Xizi Clean vs. Gem Year Industrial Co |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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