Correlation Between Haima Automobile and Sihui Fuji
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By analyzing existing cross correlation between Haima Automobile Group and Sihui Fuji Electronics, you can compare the effects of market volatilities on Haima Automobile and Sihui Fuji 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 Sihui Fuji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Sihui Fuji.
Diversification Opportunities for Haima Automobile and Sihui Fuji
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Haima and Sihui is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Sihui Fuji Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sihui Fuji Electronics 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 Sihui Fuji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sihui Fuji Electronics has no effect on the direction of Haima Automobile i.e., Haima Automobile and Sihui Fuji go up and down completely randomly.
Pair Corralation between Haima Automobile and Sihui Fuji
Assuming the 90 days trading horizon Haima Automobile Group is expected to under-perform the Sihui Fuji. But the stock apears to be less risky and, when comparing its historical volatility, Haima Automobile Group is 1.72 times less risky than Sihui Fuji. The stock trades about -0.18 of its potential returns per unit of risk. The Sihui Fuji Electronics is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 2,897 in Sihui Fuji Electronics on October 28, 2024 and sell it today you would earn a total of 173.00 from holding Sihui Fuji Electronics or generate 5.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haima Automobile Group vs. Sihui Fuji Electronics
Performance |
| Timeline |
| Haima Automobile |
| Sihui Fuji Electronics |
Haima Automobile and Sihui Fuji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and Sihui Fuji
The main advantage of trading using opposite Haima Automobile and Sihui Fuji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Sihui Fuji 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 Sihui Fuji will offset losses from the drop in Sihui Fuji's long position.| Haima Automobile vs. China Longyuan Power | Haima Automobile vs. PetroChina Co Ltd | Haima Automobile vs. Guangxi Guiguan Electric | Haima Automobile vs. Yantai North Andre |
| Sihui Fuji vs. Jiugui Liquor Co | Sihui Fuji vs. Beijing Kingsoft Office | Sihui Fuji vs. Shandong Hi Speed RoadBridge | Sihui Fuji vs. Hainan Airlines 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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