Correlation Between Holitech Technology and Jiangnan Mould
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By analyzing existing cross correlation between Holitech Technology Co and Jiangnan Mould Plastic, you can compare the effects of market volatilities on Holitech Technology and Jiangnan Mould 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 Holitech Technology with a short position of Jiangnan Mould. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Jiangnan Mould.
Diversification Opportunities for Holitech Technology and Jiangnan Mould
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Holitech and Jiangnan is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Jiangnan Mould Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangnan Mould Plastic and Holitech Technology 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 Holitech Technology Co are associated (or correlated) with Jiangnan Mould. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangnan Mould Plastic has no effect on the direction of Holitech Technology i.e., Holitech Technology and Jiangnan Mould go up and down completely randomly.
Pair Corralation between Holitech Technology and Jiangnan Mould
Assuming the 90 days trading horizon Holitech Technology Co is expected to generate 1.13 times more return on investment than Jiangnan Mould. However, Holitech Technology is 1.13 times more volatile than Jiangnan Mould Plastic. It trades about 0.18 of its potential returns per unit of risk. Jiangnan Mould Plastic is currently generating about 0.11 per unit of risk. If you would invest 124.00 in Holitech Technology Co on September 5, 2024 and sell it today you would earn a total of 110.00 from holding Holitech Technology Co or generate 88.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Holitech Technology Co vs. Jiangnan Mould Plastic
Performance |
| Timeline |
| Holitech Technology |
| Jiangnan Mould Plastic |
Holitech Technology and Jiangnan Mould Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Jiangnan Mould
The main advantage of trading using opposite Holitech Technology and Jiangnan Mould positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Jiangnan Mould 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 Jiangnan Mould will offset losses from the drop in Jiangnan Mould's long position.| Holitech Technology vs. PetroChina Co Ltd | Holitech Technology vs. China Mobile Limited | Holitech Technology vs. CNOOC Limited | Holitech Technology vs. Ping An Insurance |
| Jiangnan Mould vs. Cultural Investment Holdings | Jiangnan Mould vs. Gome Telecom Equipment | Jiangnan Mould vs. Bus Online Co | Jiangnan Mould vs. Holitech Technology 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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