Correlation Between Tieling Newcity and Harbin Hatou
Specify exactly 2 symbols:
By analyzing existing cross correlation between Tieling Newcity Investment and Harbin Hatou Investment, you can compare the effects of market volatilities on Tieling Newcity and Harbin Hatou 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 Harbin Hatou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tieling Newcity and Harbin Hatou.
Diversification Opportunities for Tieling Newcity and Harbin Hatou
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Tieling and Harbin is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Tieling Newcity Investment and Harbin Hatou Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Hatou Investment 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 Harbin Hatou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Hatou Investment has no effect on the direction of Tieling Newcity i.e., Tieling Newcity and Harbin Hatou go up and down completely randomly.
Pair Corralation between Tieling Newcity and Harbin Hatou
Assuming the 90 days trading horizon Tieling Newcity Investment is expected to under-perform the Harbin Hatou. In addition to that, Tieling Newcity is 1.39 times more volatile than Harbin Hatou Investment. It trades about -0.29 of its total potential returns per unit of risk. Harbin Hatou Investment is currently generating about 0.12 per unit of volatility. If you would invest 637.00 in Harbin Hatou Investment on November 28, 2024 and sell it today you would earn a total of 20.00 from holding Harbin Hatou Investment or generate 3.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tieling Newcity Investment vs. Harbin Hatou Investment
Performance |
| Timeline |
| Tieling Newcity Inve |
| Harbin Hatou Investment |
Tieling Newcity and Harbin Hatou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tieling Newcity and Harbin Hatou
The main advantage of trading using opposite Tieling Newcity and Harbin Hatou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tieling Newcity position performs unexpectedly, Harbin Hatou 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 Hatou will offset losses from the drop in Harbin Hatou's long position.| Tieling Newcity vs. Long Yuan Construction | Tieling Newcity vs. AVIC Fund Management | Tieling Newcity vs. CICC Fund Management | Tieling Newcity vs. Cicc Fund Management |
| Harbin Hatou vs. Shaanxi Meineng Clean | Harbin Hatou vs. RoadMain T Co | Harbin Hatou vs. Xizi Clean Energy | Harbin Hatou vs. Long Yuan Construction |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |