Correlation Between Xiangyu Medical and Xinhua Winshare
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By analyzing existing cross correlation between Xiangyu Medical Co and Xinhua Winshare Publishing, you can compare the effects of market volatilities on Xiangyu Medical and Xinhua Winshare 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 Xinhua Winshare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyu Medical and Xinhua Winshare.
Diversification Opportunities for Xiangyu Medical and Xinhua Winshare
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Xiangyu and Xinhua is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyu Medical Co and Xinhua Winshare Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinhua Winshare Publ 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 Xinhua Winshare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinhua Winshare Publ has no effect on the direction of Xiangyu Medical i.e., Xiangyu Medical and Xinhua Winshare go up and down completely randomly.
Pair Corralation between Xiangyu Medical and Xinhua Winshare
Assuming the 90 days trading horizon Xiangyu Medical Co is expected to under-perform the Xinhua Winshare. In addition to that, Xiangyu Medical is 2.43 times more volatile than Xinhua Winshare Publishing. It trades about -0.16 of its total potential returns per unit of risk. Xinhua Winshare Publishing is currently generating about -0.04 per unit of volatility. If you would invest 1,489 in Xinhua Winshare Publishing on October 11, 2024 and sell it today you would lose (23.00) from holding Xinhua Winshare Publishing or give up 1.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangyu Medical Co vs. Xinhua Winshare Publishing
Performance |
| Timeline |
| Xiangyu Medical |
| Xinhua Winshare Publ |
Xiangyu Medical and Xinhua Winshare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyu Medical and Xinhua Winshare
The main advantage of trading using opposite Xiangyu Medical and Xinhua Winshare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyu Medical position performs unexpectedly, Xinhua Winshare 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 Xinhua Winshare will offset losses from the drop in Xinhua Winshare'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 |
| Xinhua Winshare vs. CareRay Digital Medical | Xinhua Winshare vs. Xiangyu Medical Co | Xinhua Winshare vs. Do Fluoride Chemicals Co | Xinhua Winshare vs. Hengkang Medical Group |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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