Correlation Between Haima Automobile and SI TECH
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By analyzing existing cross correlation between Haima Automobile Group and SI TECH Information Technology, you can compare the effects of market volatilities on Haima Automobile and SI TECH 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 SI TECH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and SI TECH.
Diversification Opportunities for Haima Automobile and SI TECH
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Haima and 300608 is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and SI TECH Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SI TECH Information 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 SI TECH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SI TECH Information has no effect on the direction of Haima Automobile i.e., Haima Automobile and SI TECH go up and down completely randomly.
Pair Corralation between Haima Automobile and SI TECH
Assuming the 90 days trading horizon Haima Automobile Group is expected to generate 0.81 times more return on investment than SI TECH. However, Haima Automobile Group is 1.24 times less risky than SI TECH. It trades about -0.34 of its potential returns per unit of risk. SI TECH Information Technology is currently generating about -0.31 per unit of risk. If you would invest 504.00 in Haima Automobile Group on October 17, 2024 and sell it today you would lose (106.00) from holding Haima Automobile Group or give up 21.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haima Automobile Group vs. SI TECH Information Technology
Performance |
| Timeline |
| Haima Automobile |
| SI TECH Information |
Haima Automobile and SI TECH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and SI TECH
The main advantage of trading using opposite Haima Automobile and SI TECH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, SI TECH 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 SI TECH will offset losses from the drop in SI TECH's long position.| Haima Automobile vs. Jonjee Hi tech Industrial | Haima Automobile vs. Tongyu Communication | Haima Automobile vs. JCHX Mining Management | Haima Automobile vs. Jiangxi Naipu Mining |
| SI TECH vs. China Mobile Limited | SI TECH vs. Songz Automobile Air | SI TECH vs. Ningbo Tech Bank Co | SI TECH vs. Haima Automobile Group |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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