Correlation Between Xinya Electronic and CareRay Digital
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By analyzing existing cross correlation between Xinya Electronic Co and CareRay Digital Medical, you can compare the effects of market volatilities on Xinya Electronic and CareRay Digital 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 CareRay Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinya Electronic and CareRay Digital.
Diversification Opportunities for Xinya Electronic and CareRay Digital
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Xinya and CareRay is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Xinya Electronic Co and CareRay Digital Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CareRay Digital Medical 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 CareRay Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CareRay Digital Medical has no effect on the direction of Xinya Electronic i.e., Xinya Electronic and CareRay Digital go up and down completely randomly.
Pair Corralation between Xinya Electronic and CareRay Digital
Assuming the 90 days trading horizon Xinya Electronic Co is expected to generate 1.94 times more return on investment than CareRay Digital. However, Xinya Electronic is 1.94 times more volatile than CareRay Digital Medical. It trades about 0.02 of its potential returns per unit of risk. CareRay Digital Medical is currently generating about 0.01 per unit of risk. If you would invest 1,496 in Xinya Electronic Co on October 23, 2024 and sell it today you would earn a total of 2.00 from holding Xinya Electronic Co or generate 0.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Xinya Electronic Co vs. CareRay Digital Medical
Performance |
| Timeline |
| Xinya Electronic |
| CareRay Digital Medical |
Xinya Electronic and CareRay Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinya Electronic and CareRay Digital
The main advantage of trading using opposite Xinya Electronic and CareRay Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinya Electronic position performs unexpectedly, CareRay Digital 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 CareRay Digital will offset losses from the drop in CareRay Digital's long position.| Xinya Electronic vs. Jinling Hotel Corp | Xinya Electronic vs. Qingdao Foods Co | Xinya Electronic vs. Xiamen Jihong Package | Xinya Electronic vs. Zhongjing Food Co |
| CareRay Digital vs. Jinxiandai Information Industry | CareRay Digital vs. XinJiang GuoTong Pipeline | CareRay Digital vs. Huasi Agricultural Development | CareRay Digital vs. Shandong Longquan Pipeline |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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