Correlation Between Henan Shuanghui and Beijing Jiaman
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By analyzing existing cross correlation between Henan Shuanghui Investment and Beijing Jiaman Dress, you can compare the effects of market volatilities on Henan Shuanghui and Beijing Jiaman 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 Beijing Jiaman. Check out your portfolio center. Please also check ongoing floating volatility patterns of Henan Shuanghui and Beijing Jiaman.
Diversification Opportunities for Henan Shuanghui and Beijing Jiaman
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Henan and Beijing is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Henan Shuanghui Investment and Beijing Jiaman Dress in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Jiaman Dress 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 Beijing Jiaman. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Jiaman Dress has no effect on the direction of Henan Shuanghui i.e., Henan Shuanghui and Beijing Jiaman go up and down completely randomly.
Pair Corralation between Henan Shuanghui and Beijing Jiaman
Assuming the 90 days trading horizon Henan Shuanghui Investment is expected to generate 0.42 times more return on investment than Beijing Jiaman. However, Henan Shuanghui Investment is 2.35 times less risky than Beijing Jiaman. It trades about -0.12 of its potential returns per unit of risk. Beijing Jiaman Dress is currently generating about -0.28 per unit of risk. If you would invest 2,599 in Henan Shuanghui Investment on October 13, 2024 and sell it today you would lose (69.00) from holding Henan Shuanghui Investment or give up 2.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Henan Shuanghui Investment vs. Beijing Jiaman Dress
Performance |
| Timeline |
| Henan Shuanghui Inve |
| Beijing Jiaman Dress |
Henan Shuanghui and Beijing Jiaman Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Henan Shuanghui and Beijing Jiaman
The main advantage of trading using opposite Henan Shuanghui and Beijing Jiaman positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Henan Shuanghui position performs unexpectedly, Beijing Jiaman 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 Beijing Jiaman will offset losses from the drop in Beijing Jiaman's long position.| Henan Shuanghui vs. Konfoong Materials International | Henan Shuanghui vs. Suzhou Xingye Material | Henan Shuanghui vs. Sportsoul Co Ltd | Henan Shuanghui vs. Thinkingdom Media Group |
| Beijing Jiaman vs. Jiangsu Yanghe Brewery | Beijing Jiaman vs. Jinsanjiang Silicon Material | Beijing Jiaman vs. Liaoning Dingjide Petrochemical | Beijing Jiaman vs. Henan Shuanghui Investment |
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.
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