Correlation Between Touchstone International and Xizi Clean
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By analyzing existing cross correlation between Touchstone International Medical and Xizi Clean Energy, you can compare the effects of market volatilities on Touchstone International and Xizi Clean 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 Xizi Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Touchstone International and Xizi Clean.
Diversification Opportunities for Touchstone International and Xizi Clean
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Touchstone and Xizi is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Touchstone International Medic and Xizi Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xizi Clean Energy 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 Xizi Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xizi Clean Energy has no effect on the direction of Touchstone International i.e., Touchstone International and Xizi Clean go up and down completely randomly.
Pair Corralation between Touchstone International and Xizi Clean
Assuming the 90 days trading horizon Touchstone International Medical is expected to generate 1.15 times more return on investment than Xizi Clean. However, Touchstone International is 1.15 times more volatile than Xizi Clean Energy. It trades about 0.0 of its potential returns per unit of risk. Xizi Clean Energy is currently generating about -0.08 per unit of risk. If you would invest 2,021 in Touchstone International Medical on September 13, 2024 and sell it today you would lose (8.00) from holding Touchstone International Medical or give up 0.4% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Touchstone International Medic vs. Xizi Clean Energy
Performance |
| Timeline |
| Touchstone International |
| Xizi Clean Energy |
Touchstone International and Xizi Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Touchstone International and Xizi Clean
The main advantage of trading using opposite Touchstone International and Xizi Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Touchstone International position performs unexpectedly, Xizi Clean 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 Xizi Clean will offset losses from the drop in Xizi Clean's long position.| Touchstone International vs. Industrial and Commercial | Touchstone International vs. Kweichow Moutai Co | Touchstone International vs. Agricultural Bank of | Touchstone International vs. China Mobile Limited |
| Xizi Clean vs. Industrial and Commercial | Xizi Clean vs. Kweichow Moutai Co | Xizi Clean vs. Agricultural Bank of | Xizi Clean vs. China Mobile Limited |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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