Correlation Between Shenzhen Hifuture and GreenTech Environmental
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By analyzing existing cross correlation between Shenzhen Hifuture Electric and GreenTech Environmental Co, you can compare the effects of market volatilities on Shenzhen Hifuture and GreenTech Environmental 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 GreenTech Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Hifuture and GreenTech Environmental.
Diversification Opportunities for Shenzhen Hifuture and GreenTech Environmental
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Shenzhen and GreenTech is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Hifuture Electric and GreenTech Environmental Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GreenTech Environmental 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 GreenTech Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GreenTech Environmental has no effect on the direction of Shenzhen Hifuture i.e., Shenzhen Hifuture and GreenTech Environmental go up and down completely randomly.
Pair Corralation between Shenzhen Hifuture and GreenTech Environmental
Assuming the 90 days trading horizon Shenzhen Hifuture Electric is expected to generate 0.55 times more return on investment than GreenTech Environmental. However, Shenzhen Hifuture Electric is 1.83 times less risky than GreenTech Environmental. It trades about 0.34 of its potential returns per unit of risk. GreenTech Environmental Co is currently generating about 0.15 per unit of risk. If you would invest 234.00 in Shenzhen Hifuture Electric on September 4, 2024 and sell it today you would earn a total of 51.00 from holding Shenzhen Hifuture Electric or generate 21.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Hifuture Electric vs. GreenTech Environmental Co
Performance |
| Timeline |
| Shenzhen Hifuture |
| GreenTech Environmental |
Shenzhen Hifuture and GreenTech Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Hifuture and GreenTech Environmental
The main advantage of trading using opposite Shenzhen Hifuture and GreenTech Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Hifuture position performs unexpectedly, GreenTech Environmental 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 GreenTech Environmental will offset losses from the drop in GreenTech Environmental's long position.| Shenzhen Hifuture vs. ZYF Lopsking Aluminum | Shenzhen Hifuture vs. Hangzhou Gisway Information | Shenzhen Hifuture vs. Dawning Information Industry | Shenzhen Hifuture vs. Sino Platinum Metals 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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