Correlation Between Puya Semiconductor and Xinxiang Chemical
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By analyzing existing cross correlation between Puya Semiconductor Shanghai and Xinxiang Chemical Fiber, you can compare the effects of market volatilities on Puya Semiconductor and Xinxiang Chemical 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 Puya Semiconductor with a short position of Xinxiang Chemical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Puya Semiconductor and Xinxiang Chemical.
Diversification Opportunities for Puya Semiconductor and Xinxiang Chemical
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Puya and Xinxiang is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Puya Semiconductor Shanghai and Xinxiang Chemical Fiber in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinxiang Chemical Fiber and Puya Semiconductor 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 Puya Semiconductor Shanghai are associated (or correlated) with Xinxiang Chemical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinxiang Chemical Fiber has no effect on the direction of Puya Semiconductor i.e., Puya Semiconductor and Xinxiang Chemical go up and down completely randomly.
Pair Corralation between Puya Semiconductor and Xinxiang Chemical
Assuming the 90 days trading horizon Puya Semiconductor Shanghai is expected to generate 1.43 times more return on investment than Xinxiang Chemical. However, Puya Semiconductor is 1.43 times more volatile than Xinxiang Chemical Fiber. It trades about 0.02 of its potential returns per unit of risk. Xinxiang Chemical Fiber is currently generating about 0.02 per unit of risk. If you would invest 12,342 in Puya Semiconductor Shanghai on October 28, 2024 and sell it today you would lose (30.00) from holding Puya Semiconductor Shanghai or give up 0.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Puya Semiconductor Shanghai vs. Xinxiang Chemical Fiber
Performance |
| Timeline |
| Puya Semiconductor |
| Xinxiang Chemical Fiber |
Puya Semiconductor and Xinxiang Chemical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Puya Semiconductor and Xinxiang Chemical
The main advantage of trading using opposite Puya Semiconductor and Xinxiang Chemical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Puya Semiconductor position performs unexpectedly, Xinxiang Chemical 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 Xinxiang Chemical will offset losses from the drop in Xinxiang Chemical's long position.| Puya Semiconductor vs. Cloud Live Technology | Puya Semiconductor vs. Nanjing Putian Telecommunications | Puya Semiconductor vs. Shenzhen Coship Electronics | Puya Semiconductor vs. Shenzhen Hifuture Electric |
| Xinxiang Chemical vs. Zijin Mining Group | Xinxiang Chemical vs. Wanhua Chemical Group | Xinxiang Chemical vs. Baoshan Iron Steel | Xinxiang Chemical vs. Shandong Gold Mining |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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