Correlation Between 17298CHT8 and Xinyi Solar
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By analyzing existing cross correlation between US17298CHT80 and Xinyi Solar Holdings, you can compare the effects of market volatilities on 17298CHT8 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 17298CHT8 with a short position of Xinyi Solar. Check out your portfolio center. Please also check ongoing floating volatility patterns of 17298CHT8 and Xinyi Solar.
Diversification Opportunities for 17298CHT8 and Xinyi Solar
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 17298CHT8 and Xinyi is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding US17298CHT80 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 17298CHT8 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 US17298CHT80 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 17298CHT8 i.e., 17298CHT8 and Xinyi Solar go up and down completely randomly.
Pair Corralation between 17298CHT8 and Xinyi Solar
Assuming the 90 days trading horizon US17298CHT80 is expected to under-perform the Xinyi Solar. But the bond apears to be less risky and, when comparing its historical volatility, US17298CHT80 is 1.36 times less risky than Xinyi Solar. The bond trades about -0.06 of its potential returns per unit of risk. The Xinyi Solar Holdings is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 765.00 in Xinyi Solar Holdings on November 4, 2024 and sell it today you would earn a total of 53.00 from holding Xinyi Solar Holdings or generate 6.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 30.0% |
| Values | Daily Returns |
US17298CHT80 vs. Xinyi Solar Holdings
Performance |
| Timeline |
| US17298CHT80 |
| Xinyi Solar Holdings |
17298CHT8 and Xinyi Solar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 17298CHT8 and Xinyi Solar
The main advantage of trading using opposite 17298CHT8 and Xinyi Solar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 17298CHT8 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.| 17298CHT8 vs. Franklin Street Properties | 17298CHT8 vs. Invitation Homes | 17298CHT8 vs. Norfolk Southern | 17298CHT8 vs. Mid Atlantic Home Health |
| Xinyi Solar vs. ClearVue Technologies Limited | Xinyi Solar vs. Meyer Burger Technology | Xinyi Solar vs. Go Solar USA | Xinyi Solar vs. Principal Solar |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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