Correlation Between Haima Automobile and Porton Fine
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By analyzing existing cross correlation between Haima Automobile Group and Porton Fine Chemicals, you can compare the effects of market volatilities on Haima Automobile and Porton Fine 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 Porton Fine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Porton Fine.
Diversification Opportunities for Haima Automobile and Porton Fine
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Haima and Porton is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Porton Fine Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Porton Fine Chemicals 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 Porton Fine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Porton Fine Chemicals has no effect on the direction of Haima Automobile i.e., Haima Automobile and Porton Fine go up and down completely randomly.
Pair Corralation between Haima Automobile and Porton Fine
Assuming the 90 days trading horizon Haima Automobile Group is expected to generate 1.07 times more return on investment than Porton Fine. However, Haima Automobile is 1.07 times more volatile than Porton Fine Chemicals. It trades about 0.0 of its potential returns per unit of risk. Porton Fine Chemicals is currently generating about -0.06 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 | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haima Automobile Group vs. Porton Fine Chemicals
Performance |
| Timeline |
| Haima Automobile |
| Porton Fine Chemicals |
Haima Automobile and Porton Fine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and Porton Fine
The main advantage of trading using opposite Haima Automobile and Porton Fine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Porton Fine 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 Porton Fine will offset losses from the drop in Porton Fine'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 |
| Porton Fine vs. Iat Automobile Technology | Porton Fine vs. Shenzhen AV Display Co | Porton Fine vs. Pengxin International Mining | Porton Fine vs. Telling Telecommunication 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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