Correlation Between MayAir Technology and Xizi Clean
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By analyzing existing cross correlation between MayAir Technology Co and Xizi Clean Energy, you can compare the effects of market volatilities on MayAir Technology 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 MayAir Technology with a short position of Xizi Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Xizi Clean.
Diversification Opportunities for MayAir Technology and Xizi Clean
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between MayAir and Xizi is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co 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 MayAir Technology 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 MayAir Technology Co 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 MayAir Technology i.e., MayAir Technology and Xizi Clean go up and down completely randomly.
Pair Corralation between MayAir Technology and Xizi Clean
Assuming the 90 days trading horizon MayAir Technology is expected to generate 17.69 times less return on investment than Xizi Clean. But when comparing it to its historical volatility, MayAir Technology Co is 1.9 times less risky than Xizi Clean. It trades about 0.02 of its potential returns per unit of risk. Xizi Clean Energy is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 1,111 in Xizi Clean Energy on November 1, 2024 and sell it today you would earn a total of 114.00 from holding Xizi Clean Energy or generate 10.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
MayAir Technology Co vs. Xizi Clean Energy
Performance |
| Timeline |
| MayAir Technology |
| Xizi Clean Energy |
MayAir Technology and Xizi Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and Xizi Clean
The main advantage of trading using opposite MayAir Technology and Xizi Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology 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.| MayAir Technology vs. Jiangsu Phoenix Publishing | MayAir Technology vs. Southern PublishingMedia Co | MayAir Technology vs. Xiwang Foodstuffs Co | MayAir Technology vs. Offcn Education Technology |
| Xizi Clean vs. Peoples Insurance of | Xizi Clean vs. Suzhou Mingzhi Technology | Xizi Clean vs. Kuang Chi Technologies | Xizi Clean vs. Wuhan Yangtze Communication |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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