Correlation Between MayAir Technology and Xinjiang Tianshun
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By analyzing existing cross correlation between MayAir Technology Co and Xinjiang Tianshun Supply, you can compare the effects of market volatilities on MayAir Technology and Xinjiang Tianshun 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 Xinjiang Tianshun. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Xinjiang Tianshun.
Diversification Opportunities for MayAir Technology and Xinjiang Tianshun
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between MayAir and Xinjiang is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co and Xinjiang Tianshun Supply in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinjiang Tianshun Supply 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 Xinjiang Tianshun. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinjiang Tianshun Supply has no effect on the direction of MayAir Technology i.e., MayAir Technology and Xinjiang Tianshun go up and down completely randomly.
Pair Corralation between MayAir Technology and Xinjiang Tianshun
Assuming the 90 days trading horizon MayAir Technology is expected to generate 1.28 times less return on investment than Xinjiang Tianshun. In addition to that, MayAir Technology is 1.16 times more volatile than Xinjiang Tianshun Supply. It trades about 0.02 of its total potential returns per unit of risk. Xinjiang Tianshun Supply is currently generating about 0.03 per unit of volatility. If you would invest 1,066 in Xinjiang Tianshun Supply on September 12, 2024 and sell it today you would earn a total of 226.00 from holding Xinjiang Tianshun Supply or generate 21.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.71% |
| Values | Daily Returns |
MayAir Technology Co vs. Xinjiang Tianshun Supply
Performance |
| Timeline |
| MayAir Technology |
| Xinjiang Tianshun Supply |
MayAir Technology and Xinjiang Tianshun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and Xinjiang Tianshun
The main advantage of trading using opposite MayAir Technology and Xinjiang Tianshun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology position performs unexpectedly, Xinjiang Tianshun 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 Tianshun will offset losses from the drop in Xinjiang Tianshun's long position.| MayAir Technology vs. Agricultural Bank of | MayAir Technology vs. Industrial and Commercial | MayAir Technology vs. Bank of China | MayAir Technology vs. PetroChina Co Ltd |
| Xinjiang Tianshun vs. Beijing SPC Environment | Xinjiang Tianshun vs. Hang Xiao Steel | Xinjiang Tianshun vs. King Strong New Material | Xinjiang Tianshun vs. Tianjin Capital Environmental |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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