Correlation Between Soyea Technology and Harbin Air
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By analyzing existing cross correlation between Soyea Technology Co and Harbin Air Conditioning, you can compare the effects of market volatilities on Soyea Technology and Harbin Air 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 Soyea Technology with a short position of Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Soyea Technology and Harbin Air.
Diversification Opportunities for Soyea Technology and Harbin Air
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Soyea and Harbin is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Soyea Technology Co and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning and Soyea Technology 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 Soyea Technology Co are associated (or correlated) with Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of Soyea Technology i.e., Soyea Technology and Harbin Air go up and down completely randomly.
Pair Corralation between Soyea Technology and Harbin Air
Assuming the 90 days trading horizon Soyea Technology Co is expected to generate 1.36 times more return on investment than Harbin Air. However, Soyea Technology is 1.36 times more volatile than Harbin Air Conditioning. It trades about 0.22 of its potential returns per unit of risk. Harbin Air Conditioning is currently generating about 0.12 per unit of risk. If you would invest 479.00 in Soyea Technology Co on August 28, 2024 and sell it today you would earn a total of 71.00 from holding Soyea Technology Co or generate 14.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Soyea Technology Co vs. Harbin Air Conditioning
Performance |
| Timeline |
| Soyea Technology |
| Harbin Air Conditioning |
Soyea Technology and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Soyea Technology and Harbin Air
The main advantage of trading using opposite Soyea Technology and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Soyea Technology position performs unexpectedly, Harbin Air 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 Air will offset losses from the drop in Harbin Air's long position.| Soyea Technology vs. Jiangxi Hengda Hi Tech | Soyea Technology vs. Youyou Foods Co | Soyea Technology vs. Fujian Newland Computer | Soyea Technology vs. Nanjing Putian Telecommunications |
| Harbin Air vs. Agricultural Bank of | Harbin Air vs. Industrial and Commercial | Harbin Air vs. Bank of China | Harbin Air vs. China Construction Bank |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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