Correlation Between HanS Laser and Inner Mongolia
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By analyzing existing cross correlation between HanS Laser Tech and Inner Mongolia Furui, you can compare the effects of market volatilities on HanS Laser and Inner Mongolia 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 Inner Mongolia. Check out your portfolio center. Please also check ongoing floating volatility patterns of HanS Laser and Inner Mongolia.
Diversification Opportunities for HanS Laser and Inner Mongolia
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between HanS and Inner is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding HanS Laser Tech and Inner Mongolia Furui in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inner Mongolia Furui 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 Inner Mongolia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inner Mongolia Furui has no effect on the direction of HanS Laser i.e., HanS Laser and Inner Mongolia go up and down completely randomly.
Pair Corralation between HanS Laser and Inner Mongolia
Assuming the 90 days trading horizon HanS Laser Tech is expected to generate 0.63 times more return on investment than Inner Mongolia. However, HanS Laser Tech is 1.58 times less risky than Inner Mongolia. It trades about 0.03 of its potential returns per unit of risk. Inner Mongolia Furui is currently generating about -0.12 per unit of risk. If you would invest 2,588 in HanS Laser Tech on September 3, 2024 and sell it today you would earn a total of 46.00 from holding HanS Laser Tech or generate 1.78% 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. Inner Mongolia Furui
Performance |
| Timeline |
| HanS Laser Tech |
| Inner Mongolia Furui |
HanS Laser and Inner Mongolia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HanS Laser and Inner Mongolia
The main advantage of trading using opposite HanS Laser and Inner Mongolia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HanS Laser position performs unexpectedly, Inner Mongolia 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 Inner Mongolia will offset losses from the drop in Inner Mongolia's long position.| HanS Laser vs. Cultural Investment Holdings | HanS Laser vs. Gome Telecom Equipment | HanS Laser vs. Bus Online Co | HanS Laser vs. Holitech Technology Co |
| Inner Mongolia vs. Dook Media Group | Inner Mongolia vs. GreenTech Environmental Co | Inner Mongolia vs. Xizi Clean Energy | Inner Mongolia vs. Lingyuan Iron Steel |
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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