Correlation Between Xinhua Winshare and HaiXin Foods
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By analyzing existing cross correlation between Xinhua Winshare Publishing and HaiXin Foods Co, you can compare the effects of market volatilities on Xinhua Winshare and HaiXin Foods 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 Xinhua Winshare with a short position of HaiXin Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and HaiXin Foods.
Diversification Opportunities for Xinhua Winshare and HaiXin Foods
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Xinhua and HaiXin is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing and HaiXin Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HaiXin Foods and Xinhua Winshare 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 Xinhua Winshare Publishing are associated (or correlated) with HaiXin Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HaiXin Foods has no effect on the direction of Xinhua Winshare i.e., Xinhua Winshare and HaiXin Foods go up and down completely randomly.
Pair Corralation between Xinhua Winshare and HaiXin Foods
Assuming the 90 days trading horizon Xinhua Winshare Publishing is expected to generate 0.24 times more return on investment than HaiXin Foods. However, Xinhua Winshare Publishing is 4.17 times less risky than HaiXin Foods. It trades about 0.06 of its potential returns per unit of risk. HaiXin Foods Co is currently generating about -0.14 per unit of risk. If you would invest 1,489 in Xinhua Winshare Publishing on October 11, 2024 and sell it today you would earn a total of 25.00 from holding Xinhua Winshare Publishing or generate 1.68% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Xinhua Winshare Publishing vs. HaiXin Foods Co
Performance |
Timeline |
Xinhua Winshare Publ |
HaiXin Foods |
Xinhua Winshare and HaiXin Foods Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Xinhua Winshare and HaiXin Foods
The main advantage of trading using opposite Xinhua Winshare and HaiXin Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare position performs unexpectedly, HaiXin Foods 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 HaiXin Foods will offset losses from the drop in HaiXin Foods' long position.Xinhua Winshare vs. Penyao Environmental Protection | Xinhua Winshare vs. Duzhe Publishing Media | Xinhua Winshare vs. Jiangsu Phoenix Publishing | Xinhua Winshare vs. Sinocat Environmental Technology |
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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 CEOs Directory module to screen CEOs from public companies around the world.
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