Correlation Between Vanfund Urban and HOB Biotech
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By analyzing existing cross correlation between Vanfund Urban Investment and HOB Biotech Group, you can compare the effects of market volatilities on Vanfund Urban and HOB Biotech 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 Vanfund Urban with a short position of HOB Biotech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Vanfund Urban and HOB Biotech.
Diversification Opportunities for Vanfund Urban and HOB Biotech
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Vanfund and HOB is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Vanfund Urban Investment and HOB Biotech Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HOB Biotech Group and Vanfund Urban 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 Vanfund Urban Investment are associated (or correlated) with HOB Biotech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HOB Biotech Group has no effect on the direction of Vanfund Urban i.e., Vanfund Urban and HOB Biotech go up and down completely randomly.
Pair Corralation between Vanfund Urban and HOB Biotech
Assuming the 90 days trading horizon Vanfund Urban Investment is expected to generate 0.89 times more return on investment than HOB Biotech. However, Vanfund Urban Investment is 1.13 times less risky than HOB Biotech. It trades about 0.13 of its potential returns per unit of risk. HOB Biotech Group is currently generating about -0.22 per unit of risk. If you would invest 464.00 in Vanfund Urban Investment on November 3, 2024 and sell it today you would earn a total of 30.00 from holding Vanfund Urban Investment or generate 6.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Vanfund Urban Investment vs. HOB Biotech Group
Performance |
| Timeline |
| Vanfund Urban Investment |
| HOB Biotech Group |
Vanfund Urban and HOB Biotech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Vanfund Urban and HOB Biotech
The main advantage of trading using opposite Vanfund Urban and HOB Biotech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Vanfund Urban position performs unexpectedly, HOB Biotech 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 HOB Biotech will offset losses from the drop in HOB Biotech's long position.| Vanfund Urban vs. Xinhua Winshare Publishing | Vanfund Urban vs. Chengtun Mining Group | Vanfund Urban vs. Changjiang Publishing Media | Vanfund Urban vs. Time Publishing and |
| HOB Biotech vs. Xiangpiaopiao Food Co | HOB Biotech vs. Shenzhen Topway Video | HOB Biotech vs. Namchow Food Group | HOB Biotech vs. Eastroc Beverage 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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