Correlation Between Haima Automobile and Guangdong Jingyi
Specify exactly 2 symbols:
By analyzing existing cross correlation between Haima Automobile Group and Guangdong Jingyi Metal, you can compare the effects of market volatilities on Haima Automobile and Guangdong Jingyi 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 Haima Automobile with a short position of Guangdong Jingyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Guangdong Jingyi.
Diversification Opportunities for Haima Automobile and Guangdong Jingyi
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Haima and Guangdong is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Guangdong Jingyi Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Jingyi Metal and Haima Automobile 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 Haima Automobile Group are associated (or correlated) with Guangdong Jingyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Jingyi Metal has no effect on the direction of Haima Automobile i.e., Haima Automobile and Guangdong Jingyi go up and down completely randomly.
Pair Corralation between Haima Automobile and Guangdong Jingyi
Assuming the 90 days trading horizon Haima Automobile is expected to generate 1.91 times less return on investment than Guangdong Jingyi. In addition to that, Haima Automobile is 1.24 times more volatile than Guangdong Jingyi Metal. It trades about 0.01 of its total potential returns per unit of risk. Guangdong Jingyi Metal is currently generating about 0.02 per unit of volatility. If you would invest 694.00 in Guangdong Jingyi Metal on September 3, 2024 and sell it today you would earn a total of 42.00 from holding Guangdong Jingyi Metal or generate 6.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haima Automobile Group vs. Guangdong Jingyi Metal
Performance |
| Timeline |
| Haima Automobile |
| Guangdong Jingyi Metal |
Haima Automobile and Guangdong Jingyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and Guangdong Jingyi
The main advantage of trading using opposite Haima Automobile and Guangdong Jingyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Guangdong Jingyi 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 Guangdong Jingyi will offset losses from the drop in Guangdong Jingyi's long position.| Haima Automobile vs. Hainan Haiqi Transportation | Haima Automobile vs. Guangdong Brandmax Marketing | Haima Automobile vs. Zhejiang Daily Media | Haima Automobile vs. Heilongjiang Publishing Media |
| Guangdong Jingyi vs. Zijin Mining Group | Guangdong Jingyi vs. Baoshan Iron Steel | Guangdong Jingyi vs. Rongsheng Petrochemical Co | Guangdong Jingyi vs. Hoshine Silicon Ind |
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.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |