Correlation Between Haima Automobile and MayAir Technology
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By analyzing existing cross correlation between Haima Automobile Group and MayAir Technology Co, you can compare the effects of market volatilities on Haima Automobile and MayAir 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 MayAir Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and MayAir Technology.
Diversification Opportunities for Haima Automobile and MayAir Technology
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Haima and MayAir is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and MayAir Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MayAir 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 MayAir Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MayAir Technology has no effect on the direction of Haima Automobile i.e., Haima Automobile and MayAir Technology go up and down completely randomly.
Pair Corralation between Haima Automobile and MayAir Technology
Assuming the 90 days trading horizon Haima Automobile Group is expected to under-perform the MayAir Technology. In addition to that, Haima Automobile is 1.58 times more volatile than MayAir Technology Co. It trades about -0.33 of its total potential returns per unit of risk. MayAir Technology Co is currently generating about -0.22 per unit of volatility. If you would invest 3,534 in MayAir Technology Co on October 16, 2024 and sell it today you would lose (320.00) from holding MayAir Technology Co or give up 9.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haima Automobile Group vs. MayAir Technology Co
Performance |
| Timeline |
| Haima Automobile |
| MayAir Technology |
Haima Automobile and MayAir Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and MayAir Technology
The main advantage of trading using opposite Haima Automobile and MayAir Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, MayAir 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 MayAir Technology will offset losses from the drop in MayAir Technology's long position.| Haima Automobile vs. Kontour Medical Technology | Haima Automobile vs. Guangdong Transtek Medical | Haima Automobile vs. Tieling Newcity Investment | Haima Automobile vs. Zhonghong Pulin Medical |
| MayAir Technology vs. Changchun Engley Automobile | MayAir Technology vs. Easyhome New Retail | MayAir Technology vs. Dynagreen Environmental Protection | MayAir Technology vs. Haima Automobile Group |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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