Correlation Between Haima Automobile and HeBei Jinniu
Specify exactly 2 symbols:
By analyzing existing cross correlation between Haima Automobile Group and HeBei Jinniu Chemical, you can compare the effects of market volatilities on Haima Automobile and HeBei Jinniu 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 HeBei Jinniu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and HeBei Jinniu.
Diversification Opportunities for Haima Automobile and HeBei Jinniu
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Haima and HeBei is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and HeBei Jinniu Chemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HeBei Jinniu Chemical 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 HeBei Jinniu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HeBei Jinniu Chemical has no effect on the direction of Haima Automobile i.e., Haima Automobile and HeBei Jinniu go up and down completely randomly.
Pair Corralation between Haima Automobile and HeBei Jinniu
Assuming the 90 days trading horizon Haima Automobile is expected to generate 4.94 times less return on investment than HeBei Jinniu. In addition to that, Haima Automobile is 1.41 times more volatile than HeBei Jinniu Chemical. It trades about 0.0 of its total potential returns per unit of risk. HeBei Jinniu Chemical is currently generating about 0.02 per unit of volatility. If you would invest 514.00 in HeBei Jinniu Chemical on October 29, 2024 and sell it today you would earn a total of 25.00 from holding HeBei Jinniu Chemical or generate 4.86% 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. HeBei Jinniu Chemical
Performance |
| Timeline |
| Haima Automobile |
| HeBei Jinniu Chemical |
Haima Automobile and HeBei Jinniu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and HeBei Jinniu
The main advantage of trading using opposite Haima Automobile and HeBei Jinniu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, HeBei Jinniu 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 HeBei Jinniu will offset losses from the drop in HeBei Jinniu'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 |
| HeBei Jinniu vs. HaiXin Foods Co | HeBei Jinniu vs. Gan Yuan Foods | HeBei Jinniu vs. Fujian Anjoy Foods | HeBei Jinniu vs. CICC Fund Management |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |