Correlation Between Haima Automobile and Tangel Publishing
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By analyzing existing cross correlation between Haima Automobile Group and Tangel Publishing, you can compare the effects of market volatilities on Haima Automobile and Tangel Publishing 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 Tangel Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Tangel Publishing.
Diversification Opportunities for Haima Automobile and Tangel Publishing
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Haima and Tangel is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Tangel Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tangel Publishing 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 Tangel Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tangel Publishing has no effect on the direction of Haima Automobile i.e., Haima Automobile and Tangel Publishing go up and down completely randomly.
Pair Corralation between Haima Automobile and Tangel Publishing
Assuming the 90 days trading horizon Haima Automobile is expected to generate 25.7 times less return on investment than Tangel Publishing. But when comparing it to its historical volatility, Haima Automobile Group is 1.17 times less risky than Tangel Publishing. It trades about 0.0 of its potential returns per unit of risk. Tangel Publishing is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 360.00 in Tangel Publishing on October 25, 2024 and sell it today you would earn a total of 3.00 from holding Tangel Publishing or generate 0.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haima Automobile Group vs. Tangel Publishing
Performance |
| Timeline |
| Haima Automobile |
| Tangel Publishing |
Haima Automobile and Tangel Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and Tangel Publishing
The main advantage of trading using opposite Haima Automobile and Tangel Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Tangel Publishing 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 Tangel Publishing will offset losses from the drop in Tangel Publishing's long position.| Haima Automobile vs. Eyebright Medical Technology | Haima Automobile vs. Shanghai Yanpu Metal | Haima Automobile vs. Tianshan Aluminum Group | Haima Automobile vs. Tianjin Ruixin Technology |
| Tangel Publishing vs. Zotye Automobile Co | Tangel Publishing vs. Xiangyang Automobile Bearing | Tangel Publishing vs. Shenyang Huitian Thermal | Tangel Publishing vs. Shengda Mining Co |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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