Correlation Between Xinjiang Beixin and Allwin Telecommunicatio
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By analyzing existing cross correlation between Xinjiang Beixin RoadBridge and Allwin Telecommunication Co, you can compare the effects of market volatilities on Xinjiang Beixin and Allwin Telecommunicatio 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 Allwin Telecommunicatio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Beixin and Allwin Telecommunicatio.
Diversification Opportunities for Xinjiang Beixin and Allwin Telecommunicatio
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xinjiang and Allwin is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Beixin RoadBridge and Allwin Telecommunication Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allwin Telecommunicatio 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 Allwin Telecommunicatio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allwin Telecommunicatio has no effect on the direction of Xinjiang Beixin i.e., Xinjiang Beixin and Allwin Telecommunicatio go up and down completely randomly.
Pair Corralation between Xinjiang Beixin and Allwin Telecommunicatio
Assuming the 90 days trading horizon Xinjiang Beixin RoadBridge is expected to under-perform the Allwin Telecommunicatio. In addition to that, Xinjiang Beixin is 1.32 times more volatile than Allwin Telecommunication Co. It trades about -0.03 of its total potential returns per unit of risk. Allwin Telecommunication Co is currently generating about -0.01 per unit of volatility. If you would invest 568.00 in Allwin Telecommunication Co on December 25, 2024 and sell it today you would lose (19.00) from holding Allwin Telecommunication Co or give up 3.35% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Xinjiang Beixin RoadBridge vs. Allwin Telecommunication Co
Performance |
Timeline |
Xinjiang Beixin Road |
Allwin Telecommunicatio |
Xinjiang Beixin and Allwin Telecommunicatio Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Xinjiang Beixin and Allwin Telecommunicatio
The main advantage of trading using opposite Xinjiang Beixin and Allwin Telecommunicatio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Beixin position performs unexpectedly, Allwin Telecommunicatio 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 Allwin Telecommunicatio will offset losses from the drop in Allwin Telecommunicatio's long position.Xinjiang Beixin vs. Meinian Onehealth Healthcare | Xinjiang Beixin vs. Jinhui Liquor Co | Xinjiang Beixin vs. Ningbo Fangzheng Automobile | Xinjiang Beixin vs. AVIC Fund Management |
Allwin Telecommunicatio vs. Ping An Insurance | Allwin Telecommunicatio vs. Shanghai Yanpu Metal | Allwin Telecommunicatio vs. Jiangsu Financial Leasing | Allwin Telecommunicatio vs. Industrial Bank Co |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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