Correlation Between Wuliangye Yibin and Harvest Fund
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By analyzing existing cross correlation between Wuliangye Yibin Co and Harvest Fund Management, you can compare the effects of market volatilities on Wuliangye Yibin and Harvest Fund 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 Wuliangye Yibin with a short position of Harvest Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wuliangye Yibin and Harvest Fund.
Diversification Opportunities for Wuliangye Yibin and Harvest Fund
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Wuliangye and Harvest is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Wuliangye Yibin Co and Harvest Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harvest Fund Management and Wuliangye Yibin 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 Wuliangye Yibin Co are associated (or correlated) with Harvest Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harvest Fund Management has no effect on the direction of Wuliangye Yibin i.e., Wuliangye Yibin and Harvest Fund go up and down completely randomly.
Pair Corralation between Wuliangye Yibin and Harvest Fund
Assuming the 90 days trading horizon Wuliangye Yibin Co is expected to generate 1.6 times more return on investment than Harvest Fund. However, Wuliangye Yibin is 1.6 times more volatile than Harvest Fund Management. It trades about -0.01 of its potential returns per unit of risk. Harvest Fund Management is currently generating about -0.05 per unit of risk. If you would invest 16,912 in Wuliangye Yibin Co on September 3, 2024 and sell it today you would lose (2,235) from holding Wuliangye Yibin Co or give up 13.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 92.66% |
| Values | Daily Returns |
Wuliangye Yibin Co vs. Harvest Fund Management
Performance |
| Timeline |
| Wuliangye Yibin |
| Harvest Fund Management |
Wuliangye Yibin and Harvest Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wuliangye Yibin and Harvest Fund
The main advantage of trading using opposite Wuliangye Yibin and Harvest Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wuliangye Yibin position performs unexpectedly, Harvest Fund 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 Harvest Fund will offset losses from the drop in Harvest Fund's long position.| Wuliangye Yibin vs. Harvest Fund Management | Wuliangye Yibin vs. CICC Fund Management | Wuliangye Yibin vs. Zhejiang Qianjiang Motorcycle | Wuliangye Yibin vs. Haima Automobile Group |
| Harvest Fund vs. Industrial and Commercial | Harvest Fund vs. Kweichow Moutai Co | Harvest Fund vs. Agricultural Bank of | Harvest Fund vs. China Mobile Limited |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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