Correlation Between HanS Laser and Guangzhou Haige
Specify exactly 2 symbols:
By analyzing existing cross correlation between HanS Laser Tech and Guangzhou Haige Communications, you can compare the effects of market volatilities on HanS Laser and Guangzhou Haige 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 Guangzhou Haige. Check out your portfolio center. Please also check ongoing floating volatility patterns of HanS Laser and Guangzhou Haige.
Diversification Opportunities for HanS Laser and Guangzhou Haige
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between HanS and Guangzhou is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding HanS Laser Tech and Guangzhou Haige Communications in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Haige Comm 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 Guangzhou Haige. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Haige Comm has no effect on the direction of HanS Laser i.e., HanS Laser and Guangzhou Haige go up and down completely randomly.
Pair Corralation between HanS Laser and Guangzhou Haige
Assuming the 90 days trading horizon HanS Laser is expected to generate 1.95 times less return on investment than Guangzhou Haige. In addition to that, HanS Laser is 1.06 times more volatile than Guangzhou Haige Communications. It trades about 0.08 of its total potential returns per unit of risk. Guangzhou Haige Communications is currently generating about 0.16 per unit of volatility. If you would invest 1,157 in Guangzhou Haige Communications on September 4, 2024 and sell it today you would earn a total of 130.00 from holding Guangzhou Haige Communications or generate 11.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
HanS Laser Tech vs. Guangzhou Haige Communications
Performance |
| Timeline |
| HanS Laser Tech |
| Guangzhou Haige Comm |
HanS Laser and Guangzhou Haige Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HanS Laser and Guangzhou Haige
The main advantage of trading using opposite HanS Laser and Guangzhou Haige positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HanS Laser position performs unexpectedly, Guangzhou Haige 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 Guangzhou Haige will offset losses from the drop in Guangzhou Haige'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 |
| Guangzhou Haige vs. Industrial and Commercial | Guangzhou Haige vs. China Construction Bank | Guangzhou Haige vs. Bank of China | Guangzhou Haige vs. Agricultural Bank of |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |