Correlation Between Haima Automobile and Yantai North
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By analyzing existing cross correlation between Haima Automobile Group and Yantai North Andre, you can compare the effects of market volatilities on Haima Automobile and Yantai North 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 Yantai North. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Yantai North.
Diversification Opportunities for Haima Automobile and Yantai North
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Haima and Yantai is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Yantai North Andre in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yantai North Andre 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 Yantai North. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yantai North Andre has no effect on the direction of Haima Automobile i.e., Haima Automobile and Yantai North go up and down completely randomly.
Pair Corralation between Haima Automobile and Yantai North
Assuming the 90 days trading horizon Haima Automobile is expected to generate 2.2 times less return on investment than Yantai North. In addition to that, Haima Automobile is 1.58 times more volatile than Yantai North Andre. It trades about 0.12 of its total potential returns per unit of risk. Yantai North Andre is currently generating about 0.4 per unit of volatility. If you would invest 2,906 in Yantai North Andre on December 1, 2024 and sell it today you would earn a total of 322.00 from holding Yantai North Andre or generate 11.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haima Automobile Group vs. Yantai North Andre
Performance |
| Timeline |
| Haima Automobile |
| Yantai North Andre |
Haima Automobile and Yantai North Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and Yantai North
The main advantage of trading using opposite Haima Automobile and Yantai North positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Yantai North 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 Yantai North will offset losses from the drop in Yantai North's long position.| Haima Automobile vs. Sanbo Hospital Management | Haima Automobile vs. Andon Health Co | Haima Automobile vs. Chengdu Spaceon Electronics | Haima Automobile vs. Cansino Biologics |
| Yantai North vs. Beijing Mainstreets Investment | Yantai North vs. Anshan Senyuan Road | Yantai North vs. Longjian Road Bridge | Yantai North vs. Zhongrun Resources Investment |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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