Correlation Between Xinxiang Chemical and Hawkins
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By analyzing existing cross correlation between Xinxiang Chemical Fiber and Hawkins, you can compare the effects of market volatilities on Xinxiang Chemical and Hawkins 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 Xinxiang Chemical with a short position of Hawkins. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinxiang Chemical and Hawkins.
Diversification Opportunities for Xinxiang Chemical and Hawkins
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Xinxiang and Hawkins is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Xinxiang Chemical Fiber and Hawkins in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hawkins and Xinxiang Chemical 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 Xinxiang Chemical Fiber are associated (or correlated) with Hawkins. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hawkins has no effect on the direction of Xinxiang Chemical i.e., Xinxiang Chemical and Hawkins go up and down completely randomly.
Pair Corralation between Xinxiang Chemical and Hawkins
Assuming the 90 days trading horizon Xinxiang Chemical Fiber is expected to generate 1.11 times more return on investment than Hawkins. However, Xinxiang Chemical is 1.11 times more volatile than Hawkins. It trades about 0.21 of its potential returns per unit of risk. Hawkins is currently generating about -0.18 per unit of risk. If you would invest 402.00 in Xinxiang Chemical Fiber on August 16, 2025 and sell it today you would earn a total of 143.00 from holding Xinxiang Chemical Fiber or generate 35.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 92.06% |
| Values | Daily Returns |
Xinxiang Chemical Fiber vs. Hawkins
Performance |
| Timeline |
| Xinxiang Chemical Fiber |
| Hawkins |
Xinxiang Chemical and Hawkins Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinxiang Chemical and Hawkins
The main advantage of trading using opposite Xinxiang Chemical and Hawkins positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinxiang Chemical position performs unexpectedly, Hawkins 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 Hawkins will offset losses from the drop in Hawkins' long position.The idea behind Xinxiang Chemical Fiber and Hawkins pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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