Correlation Between Xinya Electronic and Kingclean Electric
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By analyzing existing cross correlation between Xinya Electronic Co and Kingclean Electric Co, you can compare the effects of market volatilities on Xinya Electronic and Kingclean Electric 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 Xinya Electronic with a short position of Kingclean Electric. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinya Electronic and Kingclean Electric.
Diversification Opportunities for Xinya Electronic and Kingclean Electric
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Xinya and Kingclean is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Xinya Electronic Co and Kingclean Electric Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingclean Electric and Xinya Electronic 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 Xinya Electronic Co are associated (or correlated) with Kingclean Electric. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingclean Electric has no effect on the direction of Xinya Electronic i.e., Xinya Electronic and Kingclean Electric go up and down completely randomly.
Pair Corralation between Xinya Electronic and Kingclean Electric
Assuming the 90 days trading horizon Xinya Electronic Co is expected to under-perform the Kingclean Electric. In addition to that, Xinya Electronic is 3.68 times more volatile than Kingclean Electric Co. It trades about -0.09 of its total potential returns per unit of risk. Kingclean Electric Co is currently generating about -0.13 per unit of volatility. If you would invest 2,290 in Kingclean Electric Co on October 6, 2024 and sell it today you would lose (69.00) from holding Kingclean Electric Co or give up 3.01% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Xinya Electronic Co vs. Kingclean Electric Co
Performance |
Timeline |
Xinya Electronic |
Kingclean Electric |
Xinya Electronic and Kingclean Electric Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Xinya Electronic and Kingclean Electric
The main advantage of trading using opposite Xinya Electronic and Kingclean Electric positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinya Electronic position performs unexpectedly, Kingclean Electric 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 Kingclean Electric will offset losses from the drop in Kingclean Electric's long position.Xinya Electronic vs. New China Life | Xinya Electronic vs. Ming Yang Smart | Xinya Electronic vs. 159681 | Xinya Electronic vs. 159005 |
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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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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