Correlation Between Xiangyang Automobile and Cenntro Electric
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By analyzing existing cross correlation between Xiangyang Automobile Bearing and Cenntro Electric Group, you can compare the effects of market volatilities on Xiangyang Automobile and Cenntro 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 Xiangyang Automobile with a short position of Cenntro Electric. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyang Automobile and Cenntro Electric.
Diversification Opportunities for Xiangyang Automobile and Cenntro Electric
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xiangyang and Cenntro is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyang Automobile Bearing and Cenntro Electric Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cenntro Electric 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 Cenntro Electric. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cenntro Electric has no effect on the direction of Xiangyang Automobile i.e., Xiangyang Automobile and Cenntro Electric go up and down completely randomly.
Pair Corralation between Xiangyang Automobile and Cenntro Electric
Assuming the 90 days trading horizon Xiangyang Automobile Bearing is expected to generate 0.32 times more return on investment than Cenntro Electric. However, Xiangyang Automobile Bearing is 3.09 times less risky than Cenntro Electric. It trades about -0.02 of its potential returns per unit of risk. Cenntro Electric Group is currently generating about -0.12 per unit of risk. If you would invest 1,532 in Xiangyang Automobile Bearing on September 8, 2025 and sell it today you would lose (73.00) from holding Xiangyang Automobile Bearing or give up 4.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 92.31% |
| Values | Daily Returns |
Xiangyang Automobile Bearing vs. Cenntro Electric Group
Performance |
| Timeline |
| Xiangyang Automobile |
| Cenntro Electric |
Xiangyang Automobile and Cenntro Electric Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyang Automobile and Cenntro Electric
The main advantage of trading using opposite Xiangyang Automobile and Cenntro Electric positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyang Automobile position performs unexpectedly, Cenntro 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 Cenntro Electric will offset losses from the drop in Cenntro Electric's long position.| Xiangyang Automobile vs. Ming Yang Smart | Xiangyang Automobile vs. 159681 | Xiangyang Automobile vs. 159005 | Xiangyang Automobile vs. Loctek Ergonomic Technology |
| Cenntro Electric vs. Summit Environmental | Cenntro Electric vs. Japan Steel Works | Cenntro Electric vs. Mount Gibson Iron | Cenntro Electric vs. Tianjin Capital Environmental |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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