Correlation Between Shenyang Huitian and Harbin Air
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By analyzing existing cross correlation between Shenyang Huitian Thermal and Harbin Air Conditioning, you can compare the effects of market volatilities on Shenyang Huitian and Harbin Air 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 Shenyang Huitian with a short position of Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Huitian and Harbin Air.
Diversification Opportunities for Shenyang Huitian and Harbin Air
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenyang and Harbin is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Huitian Thermal and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning and Shenyang Huitian 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 Shenyang Huitian Thermal are associated (or correlated) with Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of Shenyang Huitian i.e., Shenyang Huitian and Harbin Air go up and down completely randomly.
Pair Corralation between Shenyang Huitian and Harbin Air
Assuming the 90 days trading horizon Shenyang Huitian Thermal is expected to generate 1.81 times more return on investment than Harbin Air. However, Shenyang Huitian is 1.81 times more volatile than Harbin Air Conditioning. It trades about 0.05 of its potential returns per unit of risk. Harbin Air Conditioning is currently generating about 0.09 per unit of risk. If you would invest 350.00 in Shenyang Huitian Thermal on August 29, 2024 and sell it today you would earn a total of 11.00 from holding Shenyang Huitian Thermal or generate 3.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenyang Huitian Thermal vs. Harbin Air Conditioning
Performance |
| Timeline |
| Shenyang Huitian Thermal |
| Harbin Air Conditioning |
Shenyang Huitian and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Huitian and Harbin Air
The main advantage of trading using opposite Shenyang Huitian and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Huitian position performs unexpectedly, Harbin Air 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 Harbin Air will offset losses from the drop in Harbin Air's long position.| Shenyang Huitian vs. Dongfeng Automobile Co | Shenyang Huitian vs. Do Fluoride Chemicals Co | Shenyang Huitian vs. Hubei Xingfa Chemicals | Shenyang Huitian vs. Shenzhen Kexin Communication |
| Harbin Air vs. Rising Nonferrous Metals | Harbin Air vs. Shandong Mining Machinery | Harbin Air vs. Aluminum Corp of | Harbin Air vs. Fujian Oriental Silver |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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