Correlation Between Xinya Electronic and Shenzhen Genvict
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By analyzing existing cross correlation between Xinya Electronic Co and Shenzhen Genvict Technologies, you can compare the effects of market volatilities on Xinya Electronic and Shenzhen Genvict 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 Shenzhen Genvict. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinya Electronic and Shenzhen Genvict.
Diversification Opportunities for Xinya Electronic and Shenzhen Genvict
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Xinya and Shenzhen is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Xinya Electronic Co and Shenzhen Genvict Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Genvict Tec 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 Shenzhen Genvict. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Genvict Tec has no effect on the direction of Xinya Electronic i.e., Xinya Electronic and Shenzhen Genvict go up and down completely randomly.
Pair Corralation between Xinya Electronic and Shenzhen Genvict
Assuming the 90 days trading horizon Xinya Electronic Co is expected to generate 0.79 times more return on investment than Shenzhen Genvict. However, Xinya Electronic Co is 1.26 times less risky than Shenzhen Genvict. It trades about 0.15 of its potential returns per unit of risk. Shenzhen Genvict Technologies is currently generating about -0.08 per unit of risk. If you would invest 1,409 in Xinya Electronic Co on September 13, 2024 and sell it today you would earn a total of 108.00 from holding Xinya Electronic Co or generate 7.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinya Electronic Co vs. Shenzhen Genvict Technologies
Performance |
| Timeline |
| Xinya Electronic |
| Shenzhen Genvict Tec |
Xinya Electronic and Shenzhen Genvict Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinya Electronic and Shenzhen Genvict
The main advantage of trading using opposite Xinya Electronic and Shenzhen Genvict positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinya Electronic position performs unexpectedly, Shenzhen Genvict 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 Shenzhen Genvict will offset losses from the drop in Shenzhen Genvict's long position.| Xinya Electronic vs. Industrial and Commercial | Xinya Electronic vs. Agricultural Bank of | Xinya Electronic vs. China Construction Bank | Xinya Electronic vs. Bank of China |
| Shenzhen Genvict vs. HUAQIN TECHNOLOGY LTD | Shenzhen Genvict vs. Western Mining Co | Shenzhen Genvict vs. Niutech Environment Technology | Shenzhen Genvict vs. Western Superconducting Tech |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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