Correlation Between Gansu Huangtai and Hang Xiao
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By analyzing existing cross correlation between Gansu Huangtai Wine marketing and Hang Xiao Steel, you can compare the effects of market volatilities on Gansu Huangtai and Hang Xiao 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 Gansu Huangtai with a short position of Hang Xiao. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gansu Huangtai and Hang Xiao.
Diversification Opportunities for Gansu Huangtai and Hang Xiao
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Gansu and Hang is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Gansu Huangtai Wine marketing and Hang Xiao Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hang Xiao Steel and Gansu Huangtai 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 Gansu Huangtai Wine marketing are associated (or correlated) with Hang Xiao. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hang Xiao Steel has no effect on the direction of Gansu Huangtai i.e., Gansu Huangtai and Hang Xiao go up and down completely randomly.
Pair Corralation between Gansu Huangtai and Hang Xiao
Assuming the 90 days trading horizon Gansu Huangtai Wine marketing is expected to generate 1.92 times more return on investment than Hang Xiao. However, Gansu Huangtai is 1.92 times more volatile than Hang Xiao Steel. It trades about 0.05 of its potential returns per unit of risk. Hang Xiao Steel is currently generating about 0.0 per unit of risk. If you would invest 1,410 in Gansu Huangtai Wine marketing on August 30, 2024 and sell it today you would earn a total of 46.00 from holding Gansu Huangtai Wine marketing or generate 3.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gansu Huangtai Wine marketing vs. Hang Xiao Steel
Performance |
| Timeline |
| Gansu Huangtai Wine |
| Hang Xiao Steel |
Gansu Huangtai and Hang Xiao Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gansu Huangtai and Hang Xiao
The main advantage of trading using opposite Gansu Huangtai and Hang Xiao positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gansu Huangtai position performs unexpectedly, Hang Xiao 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 Hang Xiao will offset losses from the drop in Hang Xiao's long position.| Gansu Huangtai vs. Agricultural Bank of | Gansu Huangtai vs. Industrial and Commercial | Gansu Huangtai vs. Bank of China | Gansu Huangtai vs. PetroChina Co Ltd |
| Hang Xiao vs. Biwin Storage Technology | Hang Xiao vs. PetroChina Co Ltd | Hang Xiao vs. Industrial and Commercial | Hang Xiao 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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