Correlation Between Tieling Newcity and Hangzhou Minsheng
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By analyzing existing cross correlation between Tieling Newcity Investment and Hangzhou Minsheng Healthcare, you can compare the effects of market volatilities on Tieling Newcity and Hangzhou Minsheng 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 Hangzhou Minsheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tieling Newcity and Hangzhou Minsheng.
Diversification Opportunities for Tieling Newcity and Hangzhou Minsheng
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Tieling and Hangzhou is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Tieling Newcity Investment and Hangzhou Minsheng Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Minsheng 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 Hangzhou Minsheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Minsheng has no effect on the direction of Tieling Newcity i.e., Tieling Newcity and Hangzhou Minsheng go up and down completely randomly.
Pair Corralation between Tieling Newcity and Hangzhou Minsheng
Assuming the 90 days trading horizon Tieling Newcity Investment is expected to generate 1.59 times more return on investment than Hangzhou Minsheng. However, Tieling Newcity is 1.59 times more volatile than Hangzhou Minsheng Healthcare. It trades about -0.01 of its potential returns per unit of risk. Hangzhou Minsheng Healthcare is currently generating about -0.18 per unit of risk. If you would invest 301.00 in Tieling Newcity Investment on October 29, 2024 and sell it today you would lose (3.00) from holding Tieling Newcity Investment or give up 1.0% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Tieling Newcity Investment vs. Hangzhou Minsheng Healthcare
Performance |
Timeline |
Tieling Newcity Inve |
Hangzhou Minsheng |
Tieling Newcity and Hangzhou Minsheng Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Tieling Newcity and Hangzhou Minsheng
The main advantage of trading using opposite Tieling Newcity and Hangzhou Minsheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tieling Newcity position performs unexpectedly, Hangzhou Minsheng 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 Hangzhou Minsheng will offset losses from the drop in Hangzhou Minsheng's long position.Tieling Newcity vs. Henan Shuanghui Investment | Tieling Newcity vs. Tianjin Silvery Dragon | Tieling Newcity vs. Tibet Huayu Mining | Tieling Newcity vs. Pengxin International Mining |
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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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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