Correlation Between HanS Laser and Loctek Ergonomic
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By analyzing existing cross correlation between HanS Laser Tech and Loctek Ergonomic Technology, you can compare the effects of market volatilities on HanS Laser and Loctek Ergonomic 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 Loctek Ergonomic. Check out your portfolio center. Please also check ongoing floating volatility patterns of HanS Laser and Loctek Ergonomic.
Diversification Opportunities for HanS Laser and Loctek Ergonomic
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between HanS and Loctek is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding HanS Laser Tech and Loctek Ergonomic Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Loctek Ergonomic Tec 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 Loctek Ergonomic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Loctek Ergonomic Tec has no effect on the direction of HanS Laser i.e., HanS Laser and Loctek Ergonomic go up and down completely randomly.
Pair Corralation between HanS Laser and Loctek Ergonomic
Assuming the 90 days trading horizon HanS Laser is expected to generate 2.43 times less return on investment than Loctek Ergonomic. In addition to that, HanS Laser is 1.52 times more volatile than Loctek Ergonomic Technology. It trades about 0.04 of its total potential returns per unit of risk. Loctek Ergonomic Technology is currently generating about 0.16 per unit of volatility. If you would invest 1,596 in Loctek Ergonomic Technology on September 1, 2024 and sell it today you would earn a total of 137.00 from holding Loctek Ergonomic Technology or generate 8.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
HanS Laser Tech vs. Loctek Ergonomic Technology
Performance |
| Timeline |
| HanS Laser Tech |
| Loctek Ergonomic Tec |
HanS Laser and Loctek Ergonomic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HanS Laser and Loctek Ergonomic
The main advantage of trading using opposite HanS Laser and Loctek Ergonomic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HanS Laser position performs unexpectedly, Loctek Ergonomic 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 Loctek Ergonomic will offset losses from the drop in Loctek Ergonomic's long position.| HanS Laser vs. New China Life | HanS Laser vs. Ming Yang Smart | HanS Laser vs. 159681 | HanS Laser vs. 159005 |
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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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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