Correlation Between Western Metal and Haoxiangni Jujube
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By analyzing existing cross correlation between Western Metal Materials and Haoxiangni Jujube Co, you can compare the effects of market volatilities on Western Metal and Haoxiangni Jujube 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 Western Metal with a short position of Haoxiangni Jujube. Check out your portfolio center. Please also check ongoing floating volatility patterns of Western Metal and Haoxiangni Jujube.
Diversification Opportunities for Western Metal and Haoxiangni Jujube
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Western and Haoxiangni is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Western Metal Materials and Haoxiangni Jujube Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haoxiangni Jujube and Western Metal 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 Western Metal Materials are associated (or correlated) with Haoxiangni Jujube. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haoxiangni Jujube has no effect on the direction of Western Metal i.e., Western Metal and Haoxiangni Jujube go up and down completely randomly.
Pair Corralation between Western Metal and Haoxiangni Jujube
Assuming the 90 days trading horizon Western Metal Materials is expected to under-perform the Haoxiangni Jujube. But the stock apears to be less risky and, when comparing its historical volatility, Western Metal Materials is 2.09 times less risky than Haoxiangni Jujube. The stock trades about -0.01 of its potential returns per unit of risk. The Haoxiangni Jujube Co is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 816.00 in Haoxiangni Jujube Co on October 29, 2024 and sell it today you would earn a total of 220.00 from holding Haoxiangni Jujube Co or generate 26.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Western Metal Materials vs. Haoxiangni Jujube Co
Performance |
| Timeline |
| Western Metal Materials |
| Haoxiangni Jujube |
Western Metal and Haoxiangni Jujube Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Western Metal and Haoxiangni Jujube
The main advantage of trading using opposite Western Metal and Haoxiangni Jujube positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Western Metal position performs unexpectedly, Haoxiangni Jujube 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 Haoxiangni Jujube will offset losses from the drop in Haoxiangni Jujube's long position.| Western Metal vs. Zijin Mining Group | Western Metal vs. Wanhua Chemical Group | Western Metal vs. Baoshan Iron Steel | Western Metal vs. Shandong Gold Mining |
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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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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