Correlation Between Xiwang Foodstuffs and Circuit Fabology
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By analyzing existing cross correlation between Xiwang Foodstuffs Co and Circuit Fabology Microelectronics, you can compare the effects of market volatilities on Xiwang Foodstuffs and Circuit Fabology 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 Xiwang Foodstuffs with a short position of Circuit Fabology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiwang Foodstuffs and Circuit Fabology.
Diversification Opportunities for Xiwang Foodstuffs and Circuit Fabology
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Xiwang and Circuit is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Xiwang Foodstuffs Co and Circuit Fabology Microelectron in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Circuit Fabology Mic and Xiwang Foodstuffs 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 Xiwang Foodstuffs Co are associated (or correlated) with Circuit Fabology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Circuit Fabology Mic has no effect on the direction of Xiwang Foodstuffs i.e., Xiwang Foodstuffs and Circuit Fabology go up and down completely randomly.
Pair Corralation between Xiwang Foodstuffs and Circuit Fabology
Assuming the 90 days trading horizon Xiwang Foodstuffs Co is expected to under-perform the Circuit Fabology. In addition to that, Xiwang Foodstuffs is 1.01 times more volatile than Circuit Fabology Microelectronics. It trades about -0.02 of its total potential returns per unit of risk. Circuit Fabology Microelectronics is currently generating about -0.01 per unit of volatility. If you would invest 8,100 in Circuit Fabology Microelectronics on October 27, 2024 and sell it today you would lose (2,130) from holding Circuit Fabology Microelectronics or give up 26.3% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Xiwang Foodstuffs Co vs. Circuit Fabology Microelectron
Performance |
Timeline |
Xiwang Foodstuffs |
Circuit Fabology Mic |
Xiwang Foodstuffs and Circuit Fabology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Xiwang Foodstuffs and Circuit Fabology
The main advantage of trading using opposite Xiwang Foodstuffs and Circuit Fabology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiwang Foodstuffs position performs unexpectedly, Circuit Fabology 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 Circuit Fabology will offset losses from the drop in Circuit Fabology's long position.Xiwang Foodstuffs vs. Kweichow Moutai Co | ||
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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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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