Correlation Between Xiangyu Medical and Flat Glass
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By analyzing existing cross correlation between Xiangyu Medical Co and Flat Glass Group, you can compare the effects of market volatilities on Xiangyu Medical and Flat Glass 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 Flat Glass. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyu Medical and Flat Glass.
Diversification Opportunities for Xiangyu Medical and Flat Glass
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Xiangyu and Flat is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyu Medical Co and Flat Glass Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Flat Glass Group 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 Flat Glass. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Flat Glass Group has no effect on the direction of Xiangyu Medical i.e., Xiangyu Medical and Flat Glass go up and down completely randomly.
Pair Corralation between Xiangyu Medical and Flat Glass
Assuming the 90 days trading horizon Xiangyu Medical Co is expected to under-perform the Flat Glass. But the stock apears to be less risky and, when comparing its historical volatility, Xiangyu Medical Co is 1.31 times less risky than Flat Glass. The stock trades about -0.26 of its potential returns per unit of risk. The Flat Glass Group is currently generating about -0.05 of returns per unit of risk over similar time horizon. If you would invest 2,161 in Flat Glass Group on October 20, 2024 and sell it today you would lose (92.00) from holding Flat Glass Group or give up 4.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangyu Medical Co vs. Flat Glass Group
Performance |
| Timeline |
| Xiangyu Medical |
| Flat Glass Group |
Xiangyu Medical and Flat Glass Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyu Medical and Flat Glass
The main advantage of trading using opposite Xiangyu Medical and Flat Glass positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyu Medical position performs unexpectedly, Flat Glass 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 Flat Glass will offset losses from the drop in Flat Glass' long position.| Xiangyu Medical vs. Guangzhou Haige Communications | Xiangyu Medical vs. Changchun BCHT Biotechnology | Xiangyu Medical vs. Bloomage Biotechnology Corp | Xiangyu Medical vs. Anhui Huaheng Biotechnology |
| Flat Glass vs. Agricultural Bank of | Flat Glass vs. Industrial and Commercial | Flat Glass vs. Bank of China | Flat Glass vs. China Construction Bank |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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