Correlation Between Haima Automobile and Xinjiang Tianshun
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By analyzing existing cross correlation between Haima Automobile Group and Xinjiang Tianshun Supply, you can compare the effects of market volatilities on Haima Automobile and Xinjiang Tianshun 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 Xinjiang Tianshun. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Xinjiang Tianshun.
Diversification Opportunities for Haima Automobile and Xinjiang Tianshun
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Haima and Xinjiang is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Xinjiang Tianshun Supply in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinjiang Tianshun Supply 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 Xinjiang Tianshun. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinjiang Tianshun Supply has no effect on the direction of Haima Automobile i.e., Haima Automobile and Xinjiang Tianshun go up and down completely randomly.
Pair Corralation between Haima Automobile and Xinjiang Tianshun
Assuming the 90 days trading horizon Haima Automobile Group is expected to generate 1.24 times more return on investment than Xinjiang Tianshun. However, Haima Automobile is 1.24 times more volatile than Xinjiang Tianshun Supply. It trades about 0.0 of its potential returns per unit of risk. Xinjiang Tianshun Supply is currently generating about -0.03 per unit of risk. If you would invest 505.00 in Haima Automobile Group on October 16, 2024 and sell it today you would lose (124.00) from holding Haima Automobile Group or give up 24.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haima Automobile Group vs. Xinjiang Tianshun Supply
Performance |
| Timeline |
| Haima Automobile |
| Xinjiang Tianshun Supply |
Haima Automobile and Xinjiang Tianshun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and Xinjiang Tianshun
The main advantage of trading using opposite Haima Automobile and Xinjiang Tianshun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Xinjiang Tianshun 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 Xinjiang Tianshun will offset losses from the drop in Xinjiang Tianshun's long position.| Haima Automobile vs. Dezhan HealthCare Co | Haima Automobile vs. YiDong Electronics Technology | Haima Automobile vs. China Reform Health | Haima Automobile vs. Meinian Onehealth Healthcare |
| Xinjiang Tianshun vs. Tongyu Communication | Xinjiang Tianshun vs. China Mobile Limited | Xinjiang Tianshun vs. Haima Automobile Group | Xinjiang Tianshun vs. Beijing Bewinner Communications |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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