Correlation Between Haima Automobile and Shanghai CEO
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By analyzing existing cross correlation between Haima Automobile Group and Shanghai CEO Environmental, you can compare the effects of market volatilities on Haima Automobile and Shanghai CEO 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 Shanghai CEO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Shanghai CEO.
Diversification Opportunities for Haima Automobile and Shanghai CEO
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Haima and Shanghai is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Shanghai CEO Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai CEO Environ 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 Shanghai CEO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai CEO Environ has no effect on the direction of Haima Automobile i.e., Haima Automobile and Shanghai CEO go up and down completely randomly.
Pair Corralation between Haima Automobile and Shanghai CEO
Assuming the 90 days trading horizon Haima Automobile Group is expected to under-perform the Shanghai CEO. In addition to that, Haima Automobile is 1.06 times more volatile than Shanghai CEO Environmental. It trades about -0.34 of its total potential returns per unit of risk. Shanghai CEO Environmental is currently generating about -0.28 per unit of volatility. If you would invest 1,029 in Shanghai CEO Environmental on October 17, 2024 and sell it today you would lose (172.00) from holding Shanghai CEO Environmental or give up 16.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haima Automobile Group vs. Shanghai CEO Environmental
Performance |
| Timeline |
| Haima Automobile |
| Shanghai CEO Environ |
Haima Automobile and Shanghai CEO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and Shanghai CEO
The main advantage of trading using opposite Haima Automobile and Shanghai CEO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Shanghai CEO 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 Shanghai CEO will offset losses from the drop in Shanghai CEO's long position.| Haima Automobile vs. Jonjee Hi tech Industrial | Haima Automobile vs. Tongyu Communication | Haima Automobile vs. JCHX Mining Management | Haima Automobile vs. Jiangxi Naipu Mining |
| Shanghai CEO vs. Ingenic Semiconductor | Shanghai CEO vs. AVIC Fund Management | Shanghai CEO vs. Puya Semiconductor Shanghai | Shanghai CEO vs. Will Semiconductor Co |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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