Correlation Between Haima Automobile and Kunwu Jiuding
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By analyzing existing cross correlation between Haima Automobile Group and Kunwu Jiuding Investment, you can compare the effects of market volatilities on Haima Automobile and Kunwu Jiuding 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 Kunwu Jiuding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Kunwu Jiuding.
Diversification Opportunities for Haima Automobile and Kunwu Jiuding
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Haima and Kunwu is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Kunwu Jiuding Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kunwu Jiuding Investment 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 Kunwu Jiuding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kunwu Jiuding Investment has no effect on the direction of Haima Automobile i.e., Haima Automobile and Kunwu Jiuding go up and down completely randomly.
Pair Corralation between Haima Automobile and Kunwu Jiuding
Assuming the 90 days trading horizon Haima Automobile Group is expected to generate 1.09 times more return on investment than Kunwu Jiuding. However, Haima Automobile is 1.09 times more volatile than Kunwu Jiuding Investment. It trades about -0.3 of its potential returns per unit of risk. Kunwu Jiuding Investment is currently generating about -0.33 per unit of risk. If you would invest 485.00 in Haima Automobile Group on October 11, 2024 and sell it today you would lose (86.00) from holding Haima Automobile Group or give up 17.73% 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. Kunwu Jiuding Investment
Performance |
| Timeline |
| Haima Automobile |
| Kunwu Jiuding Investment |
Haima Automobile and Kunwu Jiuding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and Kunwu Jiuding
The main advantage of trading using opposite Haima Automobile and Kunwu Jiuding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Kunwu Jiuding 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 Kunwu Jiuding will offset losses from the drop in Kunwu Jiuding's long position.| Haima Automobile vs. Porton Fine Chemicals | Haima Automobile vs. Techshine Electronics Co | Haima Automobile vs. Dongguan Tarry Electronics | Haima Automobile vs. Jinlong Machinery Electronic |
| Kunwu Jiuding vs. Heilongjiang Transport Development | Kunwu Jiuding vs. Sportsoul Co Ltd | Kunwu Jiuding vs. Chongqing Brewery Co | Kunwu Jiuding vs. Jiangsu Jinling Sports |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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