Correlation Between Shenyang Huitian and Hainan Haiqi
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By analyzing existing cross correlation between Shenyang Huitian Thermal and Hainan Haiqi Transportation, you can compare the effects of market volatilities on Shenyang Huitian and Hainan Haiqi 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 Hainan Haiqi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Huitian and Hainan Haiqi.
Diversification Opportunities for Shenyang Huitian and Hainan Haiqi
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenyang and Hainan is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Huitian Thermal and Hainan Haiqi Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Haiqi Transpo 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 Hainan Haiqi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Haiqi Transpo has no effect on the direction of Shenyang Huitian i.e., Shenyang Huitian and Hainan Haiqi go up and down completely randomly.
Pair Corralation between Shenyang Huitian and Hainan Haiqi
Assuming the 90 days trading horizon Shenyang Huitian Thermal is expected to generate 1.23 times more return on investment than Hainan Haiqi. However, Shenyang Huitian is 1.23 times more volatile than Hainan Haiqi Transportation. It trades about 0.03 of its potential returns per unit of risk. Hainan Haiqi Transportation is currently generating about 0.0 per unit of risk. If you would invest 366.00 in Shenyang Huitian Thermal on September 1, 2024 and sell it today you would earn a total of 4.00 from holding Shenyang Huitian Thermal or generate 1.09% 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. Hainan Haiqi Transportation
Performance |
| Timeline |
| Shenyang Huitian Thermal |
| Hainan Haiqi Transpo |
Shenyang Huitian and Hainan Haiqi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Huitian and Hainan Haiqi
The main advantage of trading using opposite Shenyang Huitian and Hainan Haiqi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Huitian position performs unexpectedly, Hainan Haiqi 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 Hainan Haiqi will offset losses from the drop in Hainan Haiqi's long position.| Shenyang Huitian vs. Shandong Polymer Biochemicals | Shenyang Huitian vs. AUPU Home Style | Shenyang Huitian vs. Zoy Home Furnishing | Shenyang Huitian vs. Jahen Household Products |
| Hainan Haiqi vs. Nanjing Putian Telecommunications | Hainan Haiqi vs. Shenzhen Hifuture Electric | Hainan Haiqi vs. Tianjin Realty Development | Hainan Haiqi vs. Shenyang Huitian Thermal |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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