Correlation Between Haima Automobile and Bangyan Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Haima Automobile Group and Bangyan Technology Co, you can compare the effects of market volatilities on Haima Automobile and Bangyan Technology 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 Bangyan Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Bangyan Technology.
Diversification Opportunities for Haima Automobile and Bangyan Technology
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Haima and Bangyan is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Bangyan Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bangyan Technology 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 Bangyan Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bangyan Technology has no effect on the direction of Haima Automobile i.e., Haima Automobile and Bangyan Technology go up and down completely randomly.
Pair Corralation between Haima Automobile and Bangyan Technology
Assuming the 90 days trading horizon Haima Automobile Group is expected to under-perform the Bangyan Technology. In addition to that, Haima Automobile is 1.04 times more volatile than Bangyan Technology Co. It trades about -0.38 of its total potential returns per unit of risk. Bangyan Technology Co is currently generating about -0.36 per unit of volatility. If you would invest 1,936 in Bangyan Technology Co on October 13, 2024 and sell it today you would lose (388.00) from holding Bangyan Technology Co or give up 20.04% 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. Bangyan Technology Co
Performance |
| Timeline |
| Haima Automobile |
| Bangyan Technology |
Haima Automobile and Bangyan Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and Bangyan Technology
The main advantage of trading using opposite Haima Automobile and Bangyan Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Bangyan Technology 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 Bangyan Technology will offset losses from the drop in Bangyan Technology's long position.| Haima Automobile vs. Jilin Chemical Fibre | Haima Automobile vs. Guangzhou Jointas Chemical | Haima Automobile vs. Xinxiang Chemical Fiber | Haima Automobile vs. Liuzhou Chemical Industry |
| Bangyan Technology vs. Tongyu Communication | Bangyan Technology vs. Songz Automobile Air | Bangyan Technology vs. Haima Automobile Group | Bangyan Technology vs. Guangdong Liantai Environmental |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |