Correlation Between Beijing Roborock and Xingguang Agricultural
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Roborock Technology and Xingguang Agricultural Mach, you can compare the effects of market volatilities on Beijing Roborock and Xingguang Agricultural 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 Xingguang Agricultural. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Xingguang Agricultural.
Diversification Opportunities for Beijing Roborock and Xingguang Agricultural
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beijing and Xingguang is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Xingguang Agricultural Mach in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xingguang Agricultural 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 Xingguang Agricultural. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xingguang Agricultural has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Xingguang Agricultural go up and down completely randomly.
Pair Corralation between Beijing Roborock and Xingguang Agricultural
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to generate 1.03 times more return on investment than Xingguang Agricultural. However, Beijing Roborock is 1.03 times more volatile than Xingguang Agricultural Mach. It trades about 0.16 of its potential returns per unit of risk. Xingguang Agricultural Mach is currently generating about -0.25 per unit of risk. If you would invest 21,596 in Beijing Roborock Technology on October 25, 2024 and sell it today you would earn a total of 1,926 from holding Beijing Roborock Technology or generate 8.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Xingguang Agricultural Mach
Performance |
| Timeline |
| Beijing Roborock Tec |
| Xingguang Agricultural |
Beijing Roborock and Xingguang Agricultural Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Xingguang Agricultural
The main advantage of trading using opposite Beijing Roborock and Xingguang Agricultural positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Xingguang Agricultural 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 Xingguang Agricultural will offset losses from the drop in Xingguang Agricultural's long position.| Beijing Roborock vs. Zhongzhu Medical Holdings | Beijing Roborock vs. Zhonghong Pulin Medical | Beijing Roborock vs. APT Medical | Beijing Roborock vs. Sunny Loan Top |
| Xingguang Agricultural vs. Kweichow Moutai Co | Xingguang Agricultural vs. Contemporary Amperex Technology | Xingguang Agricultural vs. Beijing Roborock Technology | Xingguang Agricultural vs. BYD Co Ltd |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |