Correlation Between HanS Laser and Qingdao Hi
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By analyzing existing cross correlation between HanS Laser Tech and Qingdao Hi Tech Moulds, you can compare the effects of market volatilities on HanS Laser and Qingdao Hi 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 Qingdao Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of HanS Laser and Qingdao Hi.
Diversification Opportunities for HanS Laser and Qingdao Hi
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between HanS and Qingdao is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding HanS Laser Tech and Qingdao Hi Tech Moulds in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao Hi Tech 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 Qingdao Hi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao Hi Tech has no effect on the direction of HanS Laser i.e., HanS Laser and Qingdao Hi go up and down completely randomly.
Pair Corralation between HanS Laser and Qingdao Hi
Assuming the 90 days trading horizon HanS Laser Tech is expected to generate 0.54 times more return on investment than Qingdao Hi. However, HanS Laser Tech is 1.85 times less risky than Qingdao Hi. It trades about 0.06 of its potential returns per unit of risk. Qingdao Hi Tech Moulds is currently generating about 0.02 per unit of risk. If you would invest 2,009 in HanS Laser Tech on September 14, 2024 and sell it today you would earn a total of 684.00 from holding HanS Laser Tech or generate 34.05% 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. Qingdao Hi Tech Moulds
Performance |
| Timeline |
| HanS Laser Tech |
| Qingdao Hi Tech |
HanS Laser and Qingdao Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HanS Laser and Qingdao Hi
The main advantage of trading using opposite HanS Laser and Qingdao Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HanS Laser position performs unexpectedly, Qingdao Hi 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 Qingdao Hi will offset losses from the drop in Qingdao Hi's long position.| HanS Laser vs. Industrial and Commercial | HanS Laser vs. Kweichow Moutai Co | HanS Laser vs. Agricultural Bank of | HanS Laser vs. China Mobile Limited |
| Qingdao Hi vs. Ming Yang Smart | Qingdao Hi vs. 159681 | Qingdao Hi vs. 159005 | Qingdao Hi vs. Loctek Ergonomic Technology |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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