Correlation Between Huatian Hotel and Uroica Mining
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By analyzing existing cross correlation between Huatian Hotel Group and Uroica Mining Safety, you can compare the effects of market volatilities on Huatian Hotel and Uroica Mining 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 Huatian Hotel with a short position of Uroica Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Huatian Hotel and Uroica Mining.
Diversification Opportunities for Huatian Hotel and Uroica Mining
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Huatian and Uroica is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Huatian Hotel Group and Uroica Mining Safety in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Uroica Mining Safety and Huatian Hotel 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 Huatian Hotel Group are associated (or correlated) with Uroica Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Uroica Mining Safety has no effect on the direction of Huatian Hotel i.e., Huatian Hotel and Uroica Mining go up and down completely randomly.
Pair Corralation between Huatian Hotel and Uroica Mining
Assuming the 90 days trading horizon Huatian Hotel is expected to generate 15.03 times less return on investment than Uroica Mining. But when comparing it to its historical volatility, Huatian Hotel Group is 1.22 times less risky than Uroica Mining. It trades about 0.01 of its potential returns per unit of risk. Uroica Mining Safety is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 637.00 in Uroica Mining Safety on September 1, 2024 and sell it today you would earn a total of 59.00 from holding Uroica Mining Safety or generate 9.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Huatian Hotel Group vs. Uroica Mining Safety
Performance |
| Timeline |
| Huatian Hotel Group |
| Uroica Mining Safety |
Huatian Hotel and Uroica Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Huatian Hotel and Uroica Mining
The main advantage of trading using opposite Huatian Hotel and Uroica Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Huatian Hotel position performs unexpectedly, Uroica Mining 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 Uroica Mining will offset losses from the drop in Uroica Mining's long position.| Huatian Hotel vs. Cultural Investment Holdings | Huatian Hotel vs. Gome Telecom Equipment | Huatian Hotel vs. Bus Online Co | Huatian Hotel vs. Holitech Technology Co |
| Uroica Mining vs. Hunan Tyen Machinery | Uroica Mining vs. Shandong Mining Machinery | Uroica Mining vs. Qingdao Haier Biomedical | Uroica Mining vs. Anhui Huilong Agricultural |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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