Correlation Between Xiangyu Medical and Iat Automobile
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By analyzing existing cross correlation between Xiangyu Medical Co and Iat Automobile Technology, you can compare the effects of market volatilities on Xiangyu Medical and Iat Automobile 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 Iat Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyu Medical and Iat Automobile.
Diversification Opportunities for Xiangyu Medical and Iat Automobile
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xiangyu and Iat is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyu Medical Co and Iat Automobile Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Iat Automobile Technology 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 Iat Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Iat Automobile Technology has no effect on the direction of Xiangyu Medical i.e., Xiangyu Medical and Iat Automobile go up and down completely randomly.
Pair Corralation between Xiangyu Medical and Iat Automobile
Assuming the 90 days trading horizon Xiangyu Medical Co is expected to generate 1.21 times more return on investment than Iat Automobile. However, Xiangyu Medical is 1.21 times more volatile than Iat Automobile Technology. It trades about -0.16 of its potential returns per unit of risk. Iat Automobile Technology is currently generating about -0.24 per unit of risk. If you would invest 3,333 in Xiangyu Medical Co on October 11, 2024 and sell it today you would lose (463.00) from holding Xiangyu Medical Co or give up 13.89% 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. Iat Automobile Technology
Performance |
| Timeline |
| Xiangyu Medical |
| Iat Automobile Technology |
Xiangyu Medical and Iat Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyu Medical and Iat Automobile
The main advantage of trading using opposite Xiangyu Medical and Iat Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyu Medical position performs unexpectedly, Iat Automobile 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 Iat Automobile will offset losses from the drop in Iat Automobile's long position.| Xiangyu Medical vs. Holitech Technology Co | Xiangyu Medical vs. Zotye Automobile Co | Xiangyu Medical vs. Bus Online Co | Xiangyu Medical vs. Cultural Investment Holdings |
| Iat Automobile vs. China Minmetals Rare | Iat Automobile vs. Top Choice Medical | Iat Automobile vs. Anhui Tongguan Copper | Iat Automobile vs. Xiangyu Medical Co |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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