Correlation Between HanS Laser and Tieling Newcity
Specify exactly 2 symbols:
By analyzing existing cross correlation between HanS Laser Tech and Tieling Newcity Investment, you can compare the effects of market volatilities on HanS Laser and Tieling Newcity 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 Tieling Newcity. Check out your portfolio center. Please also check ongoing floating volatility patterns of HanS Laser and Tieling Newcity.
Diversification Opportunities for HanS Laser and Tieling Newcity
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between HanS and Tieling is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding HanS Laser Tech and Tieling Newcity Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tieling Newcity Inve 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 Tieling Newcity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tieling Newcity Inve has no effect on the direction of HanS Laser i.e., HanS Laser and Tieling Newcity go up and down completely randomly.
Pair Corralation between HanS Laser and Tieling Newcity
Assuming the 90 days trading horizon HanS Laser is expected to generate 5.13 times less return on investment than Tieling Newcity. In addition to that, HanS Laser is 1.39 times more volatile than Tieling Newcity Investment. It trades about 0.03 of its total potential returns per unit of risk. Tieling Newcity Investment is currently generating about 0.25 per unit of volatility. If you would invest 220.00 in Tieling Newcity Investment on September 5, 2024 and sell it today you would earn a total of 54.00 from holding Tieling Newcity Investment or generate 24.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
HanS Laser Tech vs. Tieling Newcity Investment
Performance |
| Timeline |
| HanS Laser Tech |
| Tieling Newcity Inve |
HanS Laser and Tieling Newcity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HanS Laser and Tieling Newcity
The main advantage of trading using opposite HanS Laser and Tieling Newcity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HanS Laser position performs unexpectedly, Tieling Newcity 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 Tieling Newcity will offset losses from the drop in Tieling Newcity's long position.| HanS Laser vs. Chengdu Kanghua Biological | HanS Laser vs. Beijing Wantai Biological | HanS Laser vs. Suzhou Novoprotein Scientific | HanS Laser vs. Aluminum Corp of |
| Tieling Newcity vs. Cambricon Technologies Corp | Tieling Newcity vs. Loongson Technology Corp | Tieling Newcity vs. Shenzhen Fortune Trend | Tieling Newcity vs. Chongqing Road Bridge |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account |