Correlation Between Henan Shuanghui and HanS Laser
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By analyzing existing cross correlation between Henan Shuanghui Investment and HanS Laser Tech, you can compare the effects of market volatilities on Henan Shuanghui and HanS Laser 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 Henan Shuanghui with a short position of HanS Laser. Check out your portfolio center. Please also check ongoing floating volatility patterns of Henan Shuanghui and HanS Laser.
Diversification Opportunities for Henan Shuanghui and HanS Laser
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Henan and HanS is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Henan Shuanghui Investment and HanS Laser Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HanS Laser Tech and Henan Shuanghui 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 Henan Shuanghui Investment are associated (or correlated) with HanS Laser. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HanS Laser Tech has no effect on the direction of Henan Shuanghui i.e., Henan Shuanghui and HanS Laser go up and down completely randomly.
Pair Corralation between Henan Shuanghui and HanS Laser
Assuming the 90 days trading horizon Henan Shuanghui Investment is expected to generate 0.5 times more return on investment than HanS Laser. However, Henan Shuanghui Investment is 2.0 times less risky than HanS Laser. It trades about -0.04 of its potential returns per unit of risk. HanS Laser Tech is currently generating about -0.16 per unit of risk. If you would invest 2,553 in Henan Shuanghui Investment on October 14, 2024 and sell it today you would lose (23.00) from holding Henan Shuanghui Investment or give up 0.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Henan Shuanghui Investment vs. HanS Laser Tech
Performance |
| Timeline |
| Henan Shuanghui Inve |
| HanS Laser Tech |
Henan Shuanghui and HanS Laser Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Henan Shuanghui and HanS Laser
The main advantage of trading using opposite Henan Shuanghui and HanS Laser positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Henan Shuanghui position performs unexpectedly, HanS Laser 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 HanS Laser will offset losses from the drop in HanS Laser's long position.| Henan Shuanghui vs. Harvest Fund Management | Henan Shuanghui vs. Great Sun Foods Co | Henan Shuanghui vs. Dalian Thermal Power | Henan Shuanghui vs. Guangdong Wens Foodstuff |
| HanS Laser vs. Hainan Mining Co | HanS Laser vs. Hefei Metalforming Mach | HanS Laser vs. China Reform Health | HanS Laser vs. Chongqing Sulian Plastic |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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