Correlation Between Xinya Electronic and Jiangsu Hoperun
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By analyzing existing cross correlation between Xinya Electronic Co and Jiangsu Hoperun Software, you can compare the effects of market volatilities on Xinya Electronic and Jiangsu Hoperun 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 Jiangsu Hoperun. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinya Electronic and Jiangsu Hoperun.
Diversification Opportunities for Xinya Electronic and Jiangsu Hoperun
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Xinya and Jiangsu is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Xinya Electronic Co and Jiangsu Hoperun Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Hoperun Software 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 Jiangsu Hoperun. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Hoperun Software has no effect on the direction of Xinya Electronic i.e., Xinya Electronic and Jiangsu Hoperun go up and down completely randomly.
Pair Corralation between Xinya Electronic and Jiangsu Hoperun
Assuming the 90 days trading horizon Xinya Electronic Co is expected to generate 1.37 times more return on investment than Jiangsu Hoperun. However, Xinya Electronic is 1.37 times more volatile than Jiangsu Hoperun Software. It trades about 0.17 of its potential returns per unit of risk. Jiangsu Hoperun Software is currently generating about -0.15 per unit of risk. If you would invest 1,344 in Xinya Electronic Co on October 30, 2024 and sell it today you would earn a total of 451.00 from holding Xinya Electronic Co or generate 33.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.62% |
| Values | Daily Returns |
Xinya Electronic Co vs. Jiangsu Hoperun Software
Performance |
| Timeline |
| Xinya Electronic |
| Jiangsu Hoperun Software |
Xinya Electronic and Jiangsu Hoperun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinya Electronic and Jiangsu Hoperun
The main advantage of trading using opposite Xinya Electronic and Jiangsu Hoperun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinya Electronic position performs unexpectedly, Jiangsu Hoperun 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 Jiangsu Hoperun will offset losses from the drop in Jiangsu Hoperun's long position.| Xinya Electronic vs. Union Semiconductor Co | Xinya Electronic vs. Shandong Publishing Media | Xinya Electronic vs. GUOMAI Culture Media | Xinya Electronic vs. Thinkingdom Media Group |
| Jiangsu Hoperun vs. Runjian Communication Co | Jiangsu Hoperun vs. Wuhan Yangtze Communication | Jiangsu Hoperun vs. Guangdong Ellington Electronics | Jiangsu Hoperun vs. Epoxy Base Electronic |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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