Correlation Between Tieling Newcity and Haima Automobile
Specify exactly 2 symbols:
By analyzing existing cross correlation between Tieling Newcity Investment and Haima Automobile Group, you can compare the effects of market volatilities on Tieling Newcity and Haima Automobile 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 Tieling Newcity with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tieling Newcity and Haima Automobile.
Diversification Opportunities for Tieling Newcity and Haima Automobile
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Tieling and Haima is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Tieling Newcity Investment and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Tieling Newcity 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 Tieling Newcity Investment are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Tieling Newcity i.e., Tieling Newcity and Haima Automobile go up and down completely randomly.
Pair Corralation between Tieling Newcity and Haima Automobile
Assuming the 90 days trading horizon Tieling Newcity Investment is expected to generate 0.78 times more return on investment than Haima Automobile. However, Tieling Newcity Investment is 1.27 times less risky than Haima Automobile. It trades about 0.02 of its potential returns per unit of risk. Haima Automobile Group is currently generating about 0.0 per unit of risk. If you would invest 315.00 in Tieling Newcity Investment on October 16, 2024 and sell it today you would earn a total of 11.00 from holding Tieling Newcity Investment or generate 3.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Tieling Newcity Investment vs. Haima Automobile Group
Performance |
| Timeline |
| Tieling Newcity Inve |
| Haima Automobile |
Tieling Newcity and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tieling Newcity and Haima Automobile
The main advantage of trading using opposite Tieling Newcity and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tieling Newcity position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Tieling Newcity vs. Guangzhou Haozhi Industrial | Tieling Newcity vs. Universal Scientific Industrial | Tieling Newcity vs. Soochow Suzhou Industrial | Tieling Newcity vs. Chengtun Mining Group |
| Haima Automobile vs. Kontour Medical Technology | Haima Automobile vs. Guangdong Transtek Medical | Haima Automobile vs. Tieling Newcity Investment | Haima Automobile vs. Zhonghong Pulin Medical |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |