Correlation Between Xiangyang Automobile and Blue Sail
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By analyzing existing cross correlation between Xiangyang Automobile Bearing and Blue Sail Medical, you can compare the effects of market volatilities on Xiangyang Automobile and Blue Sail 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 Xiangyang Automobile with a short position of Blue Sail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyang Automobile and Blue Sail.
Diversification Opportunities for Xiangyang Automobile and Blue Sail
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Xiangyang and Blue is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyang Automobile Bearing and Blue Sail Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Sail Medical and Xiangyang Automobile 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 Xiangyang Automobile Bearing are associated (or correlated) with Blue Sail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Sail Medical has no effect on the direction of Xiangyang Automobile i.e., Xiangyang Automobile and Blue Sail go up and down completely randomly.
Pair Corralation between Xiangyang Automobile and Blue Sail
Assuming the 90 days trading horizon Xiangyang Automobile Bearing is expected to generate 1.69 times more return on investment than Blue Sail. However, Xiangyang Automobile is 1.69 times more volatile than Blue Sail Medical. It trades about 0.13 of its potential returns per unit of risk. Blue Sail Medical is currently generating about 0.08 per unit of risk. If you would invest 512.00 in Xiangyang Automobile Bearing on September 26, 2024 and sell it today you would earn a total of 160.00 from holding Xiangyang Automobile Bearing or generate 31.25% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Xiangyang Automobile Bearing vs. Blue Sail Medical
Performance |
Timeline |
Xiangyang Automobile |
Blue Sail Medical |
Xiangyang Automobile and Blue Sail Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Xiangyang Automobile and Blue Sail
The main advantage of trading using opposite Xiangyang Automobile and Blue Sail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyang Automobile position performs unexpectedly, Blue Sail 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 Blue Sail will offset losses from the drop in Blue Sail's long position.Xiangyang Automobile vs. China Life Insurance | Xiangyang Automobile vs. Cinda Securities Co | Xiangyang Automobile vs. Piotech Inc A | Xiangyang Automobile vs. Dongxing Sec 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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