Correlation Between Lander Sports and Zhejiang HISUN
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By analyzing existing cross correlation between Lander Sports Development and Zhejiang HISUN Biomaterials, you can compare the effects of market volatilities on Lander Sports and Zhejiang HISUN 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 Lander Sports with a short position of Zhejiang HISUN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lander Sports and Zhejiang HISUN.
Diversification Opportunities for Lander Sports and Zhejiang HISUN
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Lander and Zhejiang is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Lander Sports Development and Zhejiang HISUN Biomaterials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang HISUN Bioma and Lander Sports 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 Lander Sports Development are associated (or correlated) with Zhejiang HISUN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang HISUN Bioma has no effect on the direction of Lander Sports i.e., Lander Sports and Zhejiang HISUN go up and down completely randomly.
Pair Corralation between Lander Sports and Zhejiang HISUN
Assuming the 90 days trading horizon Lander Sports Development is expected to generate 2.11 times more return on investment than Zhejiang HISUN. However, Lander Sports is 2.11 times more volatile than Zhejiang HISUN Biomaterials. It trades about 0.32 of its potential returns per unit of risk. Zhejiang HISUN Biomaterials is currently generating about 0.04 per unit of risk. If you would invest 305.00 in Lander Sports Development on September 14, 2024 and sell it today you would earn a total of 89.00 from holding Lander Sports Development or generate 29.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lander Sports Development vs. Zhejiang HISUN Biomaterials
Performance |
| Timeline |
| Lander Sports Development |
| Zhejiang HISUN Bioma |
Lander Sports and Zhejiang HISUN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lander Sports and Zhejiang HISUN
The main advantage of trading using opposite Lander Sports and Zhejiang HISUN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lander Sports position performs unexpectedly, Zhejiang HISUN 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 Zhejiang HISUN will offset losses from the drop in Zhejiang HISUN's long position.| Lander Sports vs. China Life Insurance | Lander Sports vs. Cinda Securities Co | Lander Sports vs. Piotech Inc A | Lander Sports vs. Dongxing Sec Co |
| Zhejiang HISUN vs. Lander Sports Development | Zhejiang HISUN vs. Hua Xia Bank | Zhejiang HISUN vs. China World Trade | Zhejiang HISUN vs. Panda Financial Holding |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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