Correlation Between Xinya Electronic and Oppein Home
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By analyzing existing cross correlation between Xinya Electronic Co and Oppein Home Group, you can compare the effects of market volatilities on Xinya Electronic and Oppein Home 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 Oppein Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinya Electronic and Oppein Home.
Diversification Opportunities for Xinya Electronic and Oppein Home
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Xinya and Oppein is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Xinya Electronic Co and Oppein Home Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppein Home Group 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 Oppein Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppein Home Group has no effect on the direction of Xinya Electronic i.e., Xinya Electronic and Oppein Home go up and down completely randomly.
Pair Corralation between Xinya Electronic and Oppein Home
Assuming the 90 days trading horizon Xinya Electronic Co is expected to generate 0.97 times more return on investment than Oppein Home. However, Xinya Electronic Co is 1.04 times less risky than Oppein Home. It trades about 0.15 of its potential returns per unit of risk. Oppein Home Group is currently generating about 0.06 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 | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinya Electronic Co vs. Oppein Home Group
Performance |
| Timeline |
| Xinya Electronic |
| Oppein Home Group |
Xinya Electronic and Oppein Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinya Electronic and Oppein Home
The main advantage of trading using opposite Xinya Electronic and Oppein Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinya Electronic position performs unexpectedly, Oppein Home 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 Oppein Home will offset losses from the drop in Oppein Home'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 |
| Oppein Home vs. TongFu Microelectronics Co | Oppein Home vs. Hangzhou Weiguang Electronic | Oppein Home vs. Xinya Electronic Co | Oppein Home vs. Integrated Electronic Systems |
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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