Correlation Between Touchstone International and Xinjiang Beixin
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By analyzing existing cross correlation between Touchstone International Medical and Xinjiang Beixin RoadBridge, you can compare the effects of market volatilities on Touchstone International and Xinjiang Beixin 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 Touchstone International with a short position of Xinjiang Beixin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Touchstone International and Xinjiang Beixin.
Diversification Opportunities for Touchstone International and Xinjiang Beixin
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Touchstone and Xinjiang is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Touchstone International Medic and Xinjiang Beixin RoadBridge in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinjiang Beixin Road and Touchstone International 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 Touchstone International Medical are associated (or correlated) with Xinjiang Beixin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinjiang Beixin Road has no effect on the direction of Touchstone International i.e., Touchstone International and Xinjiang Beixin go up and down completely randomly.
Pair Corralation between Touchstone International and Xinjiang Beixin
Assuming the 90 days trading horizon Touchstone International Medical is expected to under-perform the Xinjiang Beixin. But the stock apears to be less risky and, when comparing its historical volatility, Touchstone International Medical is 1.79 times less risky than Xinjiang Beixin. The stock trades about 0.0 of its potential returns per unit of risk. The Xinjiang Beixin RoadBridge is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 352.00 in Xinjiang Beixin RoadBridge on October 14, 2024 and sell it today you would lose (7.00) from holding Xinjiang Beixin RoadBridge or give up 1.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Touchstone International Medic vs. Xinjiang Beixin RoadBridge
Performance |
| Timeline |
| Touchstone International |
| Xinjiang Beixin Road |
Touchstone International and Xinjiang Beixin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Touchstone International and Xinjiang Beixin
The main advantage of trading using opposite Touchstone International and Xinjiang Beixin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Touchstone International position performs unexpectedly, Xinjiang Beixin 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 Xinjiang Beixin will offset losses from the drop in Xinjiang Beixin's long position.| Touchstone International vs. Shengda Mining Co | Touchstone International vs. Guangdong Jingyi Metal | Touchstone International vs. Xinjiang Baodi Mining | Touchstone International vs. Tibet Huayu Mining |
| Xinjiang Beixin vs. Touchstone International Medical | Xinjiang Beixin vs. Bank of Communications | Xinjiang Beixin vs. Shaanxi Meineng Clean | Xinjiang Beixin vs. Allwin Telecommunication Co |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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