Correlation Between Ximen Mining and Total Energy
Can any of the company-specific risk be diversified away by investing in both Ximen Mining and Total Energy at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Ximen Mining and Total Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ximen Mining Corp and Total Energy Services, you can compare the effects of market volatilities on Ximen Mining and Total Energy 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 Ximen Mining with a short position of Total Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ximen Mining and Total Energy.
Diversification Opportunities for Ximen Mining and Total Energy
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ximen and Total is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Ximen Mining Corp and Total Energy Services in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Total Energy Services and Ximen Mining 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 Ximen Mining Corp are associated (or correlated) with Total Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Total Energy Services has no effect on the direction of Ximen Mining i.e., Ximen Mining and Total Energy go up and down completely randomly.
Pair Corralation between Ximen Mining and Total Energy
Assuming the 90 days horizon Ximen Mining is expected to generate 2.58 times less return on investment than Total Energy. In addition to that, Ximen Mining is 4.69 times more volatile than Total Energy Services. It trades about 0.01 of its total potential returns per unit of risk. Total Energy Services is currently generating about 0.08 per unit of volatility. If you would invest 1,316 in Total Energy Services on August 31, 2025 and sell it today you would earn a total of 120.00 from holding Total Energy Services or generate 9.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ximen Mining Corp vs. Total Energy Services
Performance |
| Timeline |
| Ximen Mining Corp |
| Total Energy Services |
Ximen Mining and Total Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ximen Mining and Total Energy
The main advantage of trading using opposite Ximen Mining and Total Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ximen Mining position performs unexpectedly, Total Energy 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 Total Energy will offset losses from the drop in Total Energy's long position.| Ximen Mining vs. AGF Management Limited | Ximen Mining vs. UnitedHealth Group CDR | Ximen Mining vs. CVW CleanTech | Ximen Mining vs. FTI Foodtech International |
| Total Energy vs. Globex Mining Enterprises | Total Energy vs. McEwen Mining | Total Energy vs. Profound Medical Corp | Total Energy vs. Mako Mining Corp |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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