Correlation Between HanS Laser and Henan Shuanghui
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By analyzing existing cross correlation between HanS Laser Tech and Henan Shuanghui Investment, you can compare the effects of market volatilities on HanS Laser and Henan Shuanghui 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 Henan Shuanghui. Check out your portfolio center. Please also check ongoing floating volatility patterns of HanS Laser and Henan Shuanghui.
Diversification Opportunities for HanS Laser and Henan Shuanghui
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between HanS and Henan is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding HanS Laser Tech and Henan Shuanghui Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Henan Shuanghui 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 Henan Shuanghui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Henan Shuanghui Inve has no effect on the direction of HanS Laser i.e., HanS Laser and Henan Shuanghui go up and down completely randomly.
Pair Corralation between HanS Laser and Henan Shuanghui
Assuming the 90 days trading horizon HanS Laser Tech is expected to generate 2.26 times more return on investment than Henan Shuanghui. However, HanS Laser is 2.26 times more volatile than Henan Shuanghui Investment. It trades about 0.03 of its potential returns per unit of risk. Henan Shuanghui Investment is currently generating about 0.02 per unit of risk. If you would invest 2,354 in HanS Laser Tech on October 14, 2024 and sell it today you would earn a total of 82.00 from holding HanS Laser Tech or generate 3.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HanS Laser Tech vs. Henan Shuanghui Investment
Performance |
| Timeline |
| HanS Laser Tech |
| Henan Shuanghui Inve |
HanS Laser and Henan Shuanghui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HanS Laser and Henan Shuanghui
The main advantage of trading using opposite HanS Laser and Henan Shuanghui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HanS Laser position performs unexpectedly, Henan Shuanghui 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 Henan Shuanghui will offset losses from the drop in Henan Shuanghui's long position.| HanS Laser vs. Hainan Mining Co | HanS Laser vs. Hefei Metalforming Mach | HanS Laser vs. China Reform Health | HanS Laser vs. Chongqing Sulian Plastic |
| Henan Shuanghui vs. Harvest Fund Management | Henan Shuanghui vs. Great Sun Foods Co | Henan Shuanghui vs. Dalian Thermal Power | Henan Shuanghui vs. Guangdong Wens Foodstuff |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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