Correlation Between Shenzhen Hifuture and Tianshui Huatian
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By analyzing existing cross correlation between Shenzhen Hifuture Electric and Tianshui Huatian Technology, you can compare the effects of market volatilities on Shenzhen Hifuture and Tianshui Huatian 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 Shenzhen Hifuture with a short position of Tianshui Huatian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Hifuture and Tianshui Huatian.
Diversification Opportunities for Shenzhen Hifuture and Tianshui Huatian
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Shenzhen and Tianshui is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Hifuture Electric and Tianshui Huatian Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianshui Huatian Tec and Shenzhen Hifuture 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 Shenzhen Hifuture Electric are associated (or correlated) with Tianshui Huatian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianshui Huatian Tec has no effect on the direction of Shenzhen Hifuture i.e., Shenzhen Hifuture and Tianshui Huatian go up and down completely randomly.
Pair Corralation between Shenzhen Hifuture and Tianshui Huatian
Assuming the 90 days trading horizon Shenzhen Hifuture Electric is expected to under-perform the Tianshui Huatian. In addition to that, Shenzhen Hifuture is 1.11 times more volatile than Tianshui Huatian Technology. It trades about -0.26 of its total potential returns per unit of risk. Tianshui Huatian Technology is currently generating about -0.11 per unit of volatility. If you would invest 1,235 in Tianshui Huatian Technology on October 29, 2024 and sell it today you would lose (77.00) from holding Tianshui Huatian Technology or give up 6.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Hifuture Electric vs. Tianshui Huatian Technology
Performance |
| Timeline |
| Shenzhen Hifuture |
| Tianshui Huatian Tec |
Shenzhen Hifuture and Tianshui Huatian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Hifuture and Tianshui Huatian
The main advantage of trading using opposite Shenzhen Hifuture and Tianshui Huatian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Hifuture position performs unexpectedly, Tianshui Huatian 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 Tianshui Huatian will offset losses from the drop in Tianshui Huatian's long position.| Shenzhen Hifuture vs. Gifore Agricultural Machinery | Shenzhen Hifuture vs. Unisplendour Corp | Shenzhen Hifuture vs. Chongqing Brewery Co | Shenzhen Hifuture vs. Huasi Agricultural Development |
| Tianshui Huatian vs. Easyhome New Retail | Tianshui Huatian vs. Innovative Medical Management | Tianshui Huatian vs. Chengdu Spaceon Electronics | Tianshui Huatian vs. Dhc Software Co |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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