Correlation Between Xinxiang Tianli and Nextracker
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By analyzing existing cross correlation between Xinxiang Tianli Energy and Nextracker Class A, you can compare the effects of market volatilities on Xinxiang Tianli and Nextracker 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 Tianli with a short position of Nextracker. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinxiang Tianli and Nextracker.
Diversification Opportunities for Xinxiang Tianli and Nextracker
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Xinxiang and Nextracker is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Xinxiang Tianli Energy and Nextracker Class A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nextracker Class A and Xinxiang Tianli 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 Tianli Energy are associated (or correlated) with Nextracker. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nextracker Class A has no effect on the direction of Xinxiang Tianli i.e., Xinxiang Tianli and Nextracker go up and down completely randomly.
Pair Corralation between Xinxiang Tianli and Nextracker
Assuming the 90 days trading horizon Xinxiang Tianli Energy is expected to generate 1.1 times more return on investment than Nextracker. However, Xinxiang Tianli is 1.1 times more volatile than Nextracker Class A. It trades about 0.03 of its potential returns per unit of risk. Nextracker Class A is currently generating about -0.13 per unit of risk. If you would invest 3,275 in Xinxiang Tianli Energy on September 4, 2025 and sell it today you would earn a total of 5.00 from holding Xinxiang Tianli Energy or generate 0.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Xinxiang Tianli Energy vs. Nextracker Class A
Performance |
| Timeline |
| Xinxiang Tianli Energy |
| Nextracker Class A |
Xinxiang Tianli and Nextracker Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinxiang Tianli and Nextracker
The main advantage of trading using opposite Xinxiang Tianli and Nextracker positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinxiang Tianli position performs unexpectedly, Nextracker 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 Nextracker will offset losses from the drop in Nextracker's long position.| Xinxiang Tianli vs. Shaanxi Meineng Clean | Xinxiang Tianli vs. Xizi Clean Energy | Xinxiang Tianli vs. Ningbo MedicalSystem Biotechnology | Xinxiang Tianli vs. Liaoning Chengda Biotechnology |
| Nextracker vs. Boyd Gaming | Nextracker vs. BE Semiconductor Industries | Nextracker vs. Coffeesmiths Collective | Nextracker vs. NanoTech Gaming |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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