Correlation Between Zhuhai Comleader and XinJiang GuoTong
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By analyzing existing cross correlation between Zhuhai Comleader Information and XinJiang GuoTong Pipeline, you can compare the effects of market volatilities on Zhuhai Comleader and XinJiang GuoTong 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 Zhuhai Comleader with a short position of XinJiang GuoTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhuhai Comleader and XinJiang GuoTong.
Diversification Opportunities for Zhuhai Comleader and XinJiang GuoTong
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Zhuhai and XinJiang is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Zhuhai Comleader Information and XinJiang GuoTong Pipeline in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XinJiang GuoTong Pipeline and Zhuhai Comleader 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 Zhuhai Comleader Information are associated (or correlated) with XinJiang GuoTong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XinJiang GuoTong Pipeline has no effect on the direction of Zhuhai Comleader i.e., Zhuhai Comleader and XinJiang GuoTong go up and down completely randomly.
Pair Corralation between Zhuhai Comleader and XinJiang GuoTong
Assuming the 90 days trading horizon Zhuhai Comleader Information is expected to under-perform the XinJiang GuoTong. In addition to that, Zhuhai Comleader is 1.08 times more volatile than XinJiang GuoTong Pipeline. It trades about -0.01 of its total potential returns per unit of risk. XinJiang GuoTong Pipeline is currently generating about -0.01 per unit of volatility. If you would invest 1,115 in XinJiang GuoTong Pipeline on October 7, 2024 and sell it today you would lose (314.00) from holding XinJiang GuoTong Pipeline or give up 28.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhuhai Comleader Information vs. XinJiang GuoTong Pipeline
Performance |
| Timeline |
| Zhuhai Comleader Inf |
| XinJiang GuoTong Pipeline |
Zhuhai Comleader and XinJiang GuoTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhuhai Comleader and XinJiang GuoTong
The main advantage of trading using opposite Zhuhai Comleader and XinJiang GuoTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhuhai Comleader position performs unexpectedly, XinJiang GuoTong 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 GuoTong will offset losses from the drop in XinJiang GuoTong's long position.| Zhuhai Comleader vs. Shenwu Energy Saving | Zhuhai Comleader vs. Xizi Clean Energy | Zhuhai Comleader vs. Postal Savings Bank | Zhuhai Comleader vs. Qilu Bank Co |
| XinJiang GuoTong vs. BeiGene | XinJiang GuoTong vs. G bits Network Technology | XinJiang GuoTong vs. China Mobile Limited | XinJiang GuoTong vs. Gansu Jiu Steel |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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