Correlation Between Haima Automobile and Xinhua Winshare
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By analyzing existing cross correlation between Haima Automobile Group and Xinhua Winshare Publishing, you can compare the effects of market volatilities on Haima Automobile and Xinhua Winshare 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 Xinhua Winshare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Xinhua Winshare.
Diversification Opportunities for Haima Automobile and Xinhua Winshare
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Haima and Xinhua is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Xinhua Winshare Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinhua Winshare Publ 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 Xinhua Winshare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinhua Winshare Publ has no effect on the direction of Haima Automobile i.e., Haima Automobile and Xinhua Winshare go up and down completely randomly.
Pair Corralation between Haima Automobile and Xinhua Winshare
Assuming the 90 days trading horizon Haima Automobile is expected to generate 31.82 times less return on investment than Xinhua Winshare. In addition to that, Haima Automobile is 1.39 times more volatile than Xinhua Winshare Publishing. It trades about 0.0 of its total potential returns per unit of risk. Xinhua Winshare Publishing is currently generating about 0.04 per unit of volatility. If you would invest 1,009 in Xinhua Winshare Publishing on October 25, 2024 and sell it today you would earn a total of 429.00 from holding Xinhua Winshare Publishing or generate 42.52% 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. Xinhua Winshare Publishing
Performance |
| Timeline |
| Haima Automobile |
| Xinhua Winshare Publ |
Haima Automobile and Xinhua Winshare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and Xinhua Winshare
The main advantage of trading using opposite Haima Automobile and Xinhua Winshare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Xinhua Winshare 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 Xinhua Winshare will offset losses from the drop in Xinhua Winshare's long position.| Haima Automobile vs. Eyebright Medical Technology | Haima Automobile vs. Shanghai Yanpu Metal | Haima Automobile vs. Tianshan Aluminum Group | Haima Automobile vs. Tianjin Ruixin Technology |
| Xinhua Winshare vs. Industrial and Commercial | Xinhua Winshare vs. Agricultural Bank of | Xinhua Winshare vs. China Construction Bank | Xinhua Winshare vs. Bank of China |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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