Correlation Between Beijing Roborock and Jiangsu Xinri
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By analyzing existing cross correlation between Beijing Roborock Technology and Jiangsu Xinri E Vehicle, you can compare the effects of market volatilities on Beijing Roborock and Jiangsu Xinri 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 Beijing Roborock with a short position of Jiangsu Xinri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Jiangsu Xinri.
Diversification Opportunities for Beijing Roborock and Jiangsu Xinri
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Beijing and Jiangsu is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Jiangsu Xinri E Vehicle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinri E and Beijing Roborock 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 Beijing Roborock Technology are associated (or correlated) with Jiangsu Xinri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinri E has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Jiangsu Xinri go up and down completely randomly.
Pair Corralation between Beijing Roborock and Jiangsu Xinri
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the Jiangsu Xinri. In addition to that, Beijing Roborock is 1.31 times more volatile than Jiangsu Xinri E Vehicle. It trades about -0.06 of its total potential returns per unit of risk. Jiangsu Xinri E Vehicle is currently generating about 0.18 per unit of volatility. If you would invest 1,048 in Jiangsu Xinri E Vehicle on September 5, 2024 and sell it today you would earn a total of 84.00 from holding Jiangsu Xinri E Vehicle or generate 8.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Jiangsu Xinri E Vehicle
Performance |
| Timeline |
| Beijing Roborock Tec |
| Jiangsu Xinri E |
Beijing Roborock and Jiangsu Xinri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Jiangsu Xinri
The main advantage of trading using opposite Beijing Roborock and Jiangsu Xinri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Jiangsu Xinri 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 Xinri will offset losses from the drop in Jiangsu Xinri's long position.| Beijing Roborock vs. Soyea Technology Co | Beijing Roborock vs. Henan Shuanghui Investment | Beijing Roborock vs. Tianshui Huatian Technology | Beijing Roborock vs. Zoje Resources Investment |
| Jiangsu Xinri vs. Ningxia Younglight Chemicals | Jiangsu Xinri vs. Ningxia Building Materials | Jiangsu Xinri vs. Xilong Chemical Co | Jiangsu Xinri vs. Jilin Chemical Fibre |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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