Correlation Between Xinjiang Beixin and Dymatic Chemicals
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By analyzing existing cross correlation between Xinjiang Beixin RoadBridge and Dymatic Chemicals, you can compare the effects of market volatilities on Xinjiang Beixin and Dymatic Chemicals 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 Xinjiang Beixin with a short position of Dymatic Chemicals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Beixin and Dymatic Chemicals.
Diversification Opportunities for Xinjiang Beixin and Dymatic Chemicals
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xinjiang and Dymatic is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Beixin RoadBridge and Dymatic Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dymatic Chemicals and Xinjiang Beixin 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 Xinjiang Beixin RoadBridge are associated (or correlated) with Dymatic Chemicals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dymatic Chemicals has no effect on the direction of Xinjiang Beixin i.e., Xinjiang Beixin and Dymatic Chemicals go up and down completely randomly.
Pair Corralation between Xinjiang Beixin and Dymatic Chemicals
Assuming the 90 days trading horizon Xinjiang Beixin is expected to generate 4.77 times less return on investment than Dymatic Chemicals. In addition to that, Xinjiang Beixin is 1.04 times more volatile than Dymatic Chemicals. It trades about 0.01 of its total potential returns per unit of risk. Dymatic Chemicals is currently generating about 0.06 per unit of volatility. If you would invest 548.00 in Dymatic Chemicals on October 25, 2024 and sell it today you would earn a total of 49.00 from holding Dymatic Chemicals or generate 8.94% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Xinjiang Beixin RoadBridge vs. Dymatic Chemicals
Performance |
Timeline |
Xinjiang Beixin Road |
Dymatic Chemicals |
Xinjiang Beixin and Dymatic Chemicals Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Xinjiang Beixin and Dymatic Chemicals
The main advantage of trading using opposite Xinjiang Beixin and Dymatic Chemicals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Beixin position performs unexpectedly, Dymatic Chemicals 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 Dymatic Chemicals will offset losses from the drop in Dymatic Chemicals' long position.Xinjiang Beixin vs. CSSC Offshore Marine | Xinjiang Beixin vs. Chongqing Changan Automobile | Xinjiang Beixin vs. Tianjin Silvery Dragon | Xinjiang Beixin vs. Shenzhen Silver Basis |
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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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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