Correlation Between HanS Laser and Guangdong Fenghua
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By analyzing existing cross correlation between HanS Laser Tech and Guangdong Fenghua Advanced, you can compare the effects of market volatilities on HanS Laser and Guangdong Fenghua 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 HanS Laser with a short position of Guangdong Fenghua. Check out your portfolio center. Please also check ongoing floating volatility patterns of HanS Laser and Guangdong Fenghua.
Diversification Opportunities for HanS Laser and Guangdong Fenghua
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HanS and Guangdong is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HanS Laser Tech and Guangdong Fenghua Advanced in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Fenghua and HanS Laser 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 HanS Laser Tech are associated (or correlated) with Guangdong Fenghua. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Fenghua has no effect on the direction of HanS Laser i.e., HanS Laser and Guangdong Fenghua go up and down completely randomly.
Pair Corralation between HanS Laser and Guangdong Fenghua
If you would invest 2,469 in HanS Laser Tech on September 12, 2024 and sell it today you would earn a total of 241.00 from holding HanS Laser Tech or generate 9.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.3% |
| Values | Daily Returns |
HanS Laser Tech vs. Guangdong Fenghua Advanced
Performance |
| Timeline |
| HanS Laser Tech |
| Guangdong Fenghua |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
HanS Laser and Guangdong Fenghua Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HanS Laser and Guangdong Fenghua
The main advantage of trading using opposite HanS Laser and Guangdong Fenghua positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HanS Laser position performs unexpectedly, Guangdong Fenghua 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 Guangdong Fenghua will offset losses from the drop in Guangdong Fenghua's long position.| HanS Laser vs. Agricultural Bank of | HanS Laser vs. Industrial and Commercial | HanS Laser vs. Bank of China | HanS Laser vs. PetroChina Co Ltd |
| Guangdong Fenghua vs. ZYF Lopsking Aluminum | Guangdong Fenghua vs. Eastern Air Logistics | Guangdong Fenghua vs. Hefei Metalforming Mach | Guangdong Fenghua vs. Tongling Nonferrous Metals |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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