Correlation Between Xiangyu Medical and Nanjing Putian
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By analyzing existing cross correlation between Xiangyu Medical Co and Nanjing Putian Telecommunications, you can compare the effects of market volatilities on Xiangyu Medical and Nanjing Putian 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 Xiangyu Medical with a short position of Nanjing Putian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyu Medical and Nanjing Putian.
Diversification Opportunities for Xiangyu Medical and Nanjing Putian
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xiangyu and Nanjing is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyu Medical Co and Nanjing Putian Telecommunicati in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Putian Telec and Xiangyu Medical 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 Xiangyu Medical Co are associated (or correlated) with Nanjing Putian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Putian Telec has no effect on the direction of Xiangyu Medical i.e., Xiangyu Medical and Nanjing Putian go up and down completely randomly.
Pair Corralation between Xiangyu Medical and Nanjing Putian
Assuming the 90 days trading horizon Xiangyu Medical Co is expected to under-perform the Nanjing Putian. But the stock apears to be less risky and, when comparing its historical volatility, Xiangyu Medical Co is 2.15 times less risky than Nanjing Putian. The stock trades about -0.17 of its potential returns per unit of risk. The Nanjing Putian Telecommunications is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 412.00 in Nanjing Putian Telecommunications on October 24, 2024 and sell it today you would lose (23.00) from holding Nanjing Putian Telecommunications or give up 5.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangyu Medical Co vs. Nanjing Putian Telecommunicati
Performance |
| Timeline |
| Xiangyu Medical |
| Nanjing Putian Telec |
Xiangyu Medical and Nanjing Putian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyu Medical and Nanjing Putian
The main advantage of trading using opposite Xiangyu Medical and Nanjing Putian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyu Medical position performs unexpectedly, Nanjing Putian 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 Nanjing Putian will offset losses from the drop in Nanjing Putian's long position.| Xiangyu Medical vs. Qingdao Foods Co | Xiangyu Medical vs. Jointo Energy Investment | Xiangyu Medical vs. Jiahe Foods Industry | Xiangyu Medical vs. Xinjiang Tianrun Dairy |
| Nanjing Putian vs. Xiangyu Medical Co | Nanjing Putian vs. Shanghai V Test Semiconductor | Nanjing Putian vs. Thinkon Semiconductor Jinzhou | Nanjing Putian vs. Innovative Medical Management |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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