Correlation Between Tianshui Huatian and Harbin Air
Specify exactly 2 symbols:
By analyzing existing cross correlation between Tianshui Huatian Technology and Harbin Air Conditioning, you can compare the effects of market volatilities on Tianshui Huatian and Harbin Air 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 Tianshui Huatian with a short position of Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianshui Huatian and Harbin Air.
Diversification Opportunities for Tianshui Huatian and Harbin Air
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Tianshui and Harbin is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Tianshui Huatian Technology and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning and Tianshui Huatian 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 Tianshui Huatian Technology are associated (or correlated) with Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of Tianshui Huatian i.e., Tianshui Huatian and Harbin Air go up and down completely randomly.
Pair Corralation between Tianshui Huatian and Harbin Air
Assuming the 90 days trading horizon Tianshui Huatian Technology is expected to generate 0.48 times more return on investment than Harbin Air. However, Tianshui Huatian Technology is 2.1 times less risky than Harbin Air. It trades about -0.05 of its potential returns per unit of risk. Harbin Air Conditioning is currently generating about -0.04 per unit of risk. If you would invest 1,184 in Tianshui Huatian Technology on October 30, 2024 and sell it today you would lose (58.00) from holding Tianshui Huatian Technology or give up 4.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianshui Huatian Technology vs. Harbin Air Conditioning
Performance |
| Timeline |
| Tianshui Huatian Tec |
| Harbin Air Conditioning |
Tianshui Huatian and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianshui Huatian and Harbin Air
The main advantage of trading using opposite Tianshui Huatian and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianshui Huatian position performs unexpectedly, Harbin Air 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 Harbin Air will offset losses from the drop in Harbin Air's long position.| Tianshui Huatian vs. Guangdong TianYiMa Information | Tianshui Huatian vs. Sublime China Information | Tianshui Huatian vs. Hangzhou Gisway Information | Tianshui Huatian vs. Qiming Information Technology |
| Harbin Air vs. Ming Yang Smart | Harbin Air vs. 159681 | Harbin Air vs. 159005 | Harbin Air 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |