Correlation Between Haima Automobile and Jahen Household
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By analyzing existing cross correlation between Haima Automobile Group and Jahen Household Products, you can compare the effects of market volatilities on Haima Automobile and Jahen Household 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 Jahen Household. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Jahen Household.
Diversification Opportunities for Haima Automobile and Jahen Household
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Haima and Jahen is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Jahen Household Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jahen Household Products 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 Jahen Household. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jahen Household Products has no effect on the direction of Haima Automobile i.e., Haima Automobile and Jahen Household go up and down completely randomly.
Pair Corralation between Haima Automobile and Jahen Household
Assuming the 90 days trading horizon Haima Automobile Group is expected to generate 1.29 times more return on investment than Jahen Household. However, Haima Automobile is 1.29 times more volatile than Jahen Household Products. It trades about 0.08 of its potential returns per unit of risk. Jahen Household Products is currently generating about 0.07 per unit of risk. If you would invest 332.00 in Haima Automobile Group on September 3, 2024 and sell it today you would earn a total of 118.00 from holding Haima Automobile Group or generate 35.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haima Automobile Group vs. Jahen Household Products
Performance |
| Timeline |
| Haima Automobile |
| Jahen Household Products |
Haima Automobile and Jahen Household Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and Jahen Household
The main advantage of trading using opposite Haima Automobile and Jahen Household positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Jahen Household 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 Jahen Household will offset losses from the drop in Jahen Household's long position.| Haima Automobile vs. Hainan Haiqi Transportation | Haima Automobile vs. Guangdong Brandmax Marketing | Haima Automobile vs. Zhejiang Daily Media | Haima Automobile vs. Heilongjiang Publishing Media |
| Jahen Household vs. Zijin Mining Group | Jahen Household vs. Baoshan Iron Steel | Jahen Household vs. Rongsheng Petrochemical Co | Jahen Household vs. Hoshine Silicon Ind |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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