Correlation Between Xinya Electronic and GRG Banking
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By analyzing existing cross correlation between Xinya Electronic Co and GRG Banking Equipment, you can compare the effects of market volatilities on Xinya Electronic and GRG Banking 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 Xinya Electronic with a short position of GRG Banking. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinya Electronic and GRG Banking.
Diversification Opportunities for Xinya Electronic and GRG Banking
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Xinya and GRG is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Xinya Electronic Co and GRG Banking Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRG Banking Equipment and Xinya Electronic 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 Xinya Electronic Co are associated (or correlated) with GRG Banking. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRG Banking Equipment has no effect on the direction of Xinya Electronic i.e., Xinya Electronic and GRG Banking go up and down completely randomly.
Pair Corralation between Xinya Electronic and GRG Banking
Assuming the 90 days trading horizon Xinya Electronic Co is expected to generate 1.37 times more return on investment than GRG Banking. However, Xinya Electronic is 1.37 times more volatile than GRG Banking Equipment. It trades about 0.04 of its potential returns per unit of risk. GRG Banking Equipment is currently generating about 0.0 per unit of risk. If you would invest 1,441 in Xinya Electronic Co on October 25, 2024 and sell it today you would earn a total of 207.00 from holding Xinya Electronic Co or generate 14.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinya Electronic Co vs. GRG Banking Equipment
Performance |
| Timeline |
| Xinya Electronic |
| GRG Banking Equipment |
Xinya Electronic and GRG Banking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinya Electronic and GRG Banking
The main advantage of trading using opposite Xinya Electronic and GRG Banking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinya Electronic position performs unexpectedly, GRG Banking 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 GRG Banking will offset losses from the drop in GRG Banking's long position.| Xinya Electronic vs. Easyhome New Retail | Xinya Electronic vs. Shengda Mining Co | Xinya Electronic vs. Oppein Home Group | Xinya Electronic vs. Hainan Mining Co |
| GRG Banking vs. Kweichow Moutai Co | GRG Banking vs. NAURA Technology Group | GRG Banking vs. APT Medical | GRG Banking vs. BYD Co Ltd |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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