Correlation Between Haima Automobile and Shanghai V
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By analyzing existing cross correlation between Haima Automobile Group and Shanghai V Test Semiconductor, you can compare the effects of market volatilities on Haima Automobile and Shanghai V 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 V. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Shanghai V.
Diversification Opportunities for Haima Automobile and Shanghai V
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Haima and Shanghai is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Shanghai V Test Semiconductor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai V Test 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 V. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai V Test has no effect on the direction of Haima Automobile i.e., Haima Automobile and Shanghai V go up and down completely randomly.
Pair Corralation between Haima Automobile and Shanghai V
Assuming the 90 days trading horizon Haima Automobile Group is expected to generate 0.85 times more return on investment than Shanghai V. However, Haima Automobile Group is 1.18 times less risky than Shanghai V. It trades about 0.0 of its potential returns per unit of risk. Shanghai V Test Semiconductor is currently generating about 0.0 per unit of risk. If you would invest 505.00 in Haima Automobile Group on October 13, 2024 and sell it today you would lose (120.00) from holding Haima Automobile Group or give up 23.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haima Automobile Group vs. Shanghai V Test Semiconductor
Performance |
| Timeline |
| Haima Automobile |
| Shanghai V Test |
Haima Automobile and Shanghai V Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and Shanghai V
The main advantage of trading using opposite Haima Automobile and Shanghai V positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Shanghai V 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 V will offset losses from the drop in Shanghai V's long position.| Haima Automobile vs. Shanghai Shuixing Home | Haima Automobile vs. Shandong Homey Aquatic | Haima Automobile vs. Thinkon Semiconductor Jinzhou | Haima Automobile vs. GigaDevice SemiconductorBeiji |
| Shanghai V vs. Runjian Communication Co | Shanghai V vs. Haima Automobile Group | Shanghai V vs. Guangxi Wuzhou Communications | Shanghai V vs. Hangzhou Pinming Software |
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 CEOs Directory module to screen CEOs from public companies around the world.
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