Correlation Between ISun and Xinyi Solar
Can any of the company-specific risk be diversified away by investing in both ISun and Xinyi Solar at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining ISun and Xinyi Solar into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ISun Inc and Xinyi Solar Holdings, you can compare the effects of market volatilities on ISun and Xinyi Solar 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 ISun with a short position of Xinyi Solar. Check out your portfolio center. Please also check ongoing floating volatility patterns of ISun and Xinyi Solar.
Diversification Opportunities for ISun and Xinyi Solar
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ISun and Xinyi is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ISun Inc and Xinyi Solar Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinyi Solar Holdings and ISun 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 ISun Inc are associated (or correlated) with Xinyi Solar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinyi Solar Holdings has no effect on the direction of ISun i.e., ISun and Xinyi Solar go up and down completely randomly.
Pair Corralation between ISun and Xinyi Solar
If you would invest 40.00 in Xinyi Solar Holdings on December 9, 2024 and sell it today you would earn a total of 3.00 from holding Xinyi Solar Holdings or generate 7.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
ISun Inc vs. Xinyi Solar Holdings
Performance |
| Timeline |
| ISun Inc |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Xinyi Solar Holdings |
ISun and Xinyi Solar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ISun and Xinyi Solar
The main advantage of trading using opposite ISun and Xinyi Solar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ISun position performs unexpectedly, Xinyi Solar 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 Xinyi Solar will offset losses from the drop in Xinyi Solar's long position.| ISun vs. Polar Power | ||
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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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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