Correlation Between Holitech Technology and Hunan Nanling
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By analyzing existing cross correlation between Holitech Technology Co and Hunan Nanling Industrial, you can compare the effects of market volatilities on Holitech Technology and Hunan Nanling 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 Hunan Nanling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Hunan Nanling.
Diversification Opportunities for Holitech Technology and Hunan Nanling
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Holitech and Hunan is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Hunan Nanling Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan Nanling Industrial 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 Hunan Nanling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan Nanling Industrial has no effect on the direction of Holitech Technology i.e., Holitech Technology and Hunan Nanling go up and down completely randomly.
Pair Corralation between Holitech Technology and Hunan Nanling
Assuming the 90 days trading horizon Holitech Technology is expected to generate 1.35 times less return on investment than Hunan Nanling. In addition to that, Holitech Technology is 1.04 times more volatile than Hunan Nanling Industrial. It trades about 0.08 of its total potential returns per unit of risk. Hunan Nanling Industrial is currently generating about 0.11 per unit of volatility. If you would invest 1,112 in Hunan Nanling Industrial on January 27, 2025 and sell it today you would earn a total of 109.00 from holding Hunan Nanling Industrial or generate 9.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Holitech Technology Co vs. Hunan Nanling Industrial
Performance |
| Timeline |
| Holitech Technology |
| Hunan Nanling Industrial |
Holitech Technology and Hunan Nanling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Hunan Nanling
The main advantage of trading using opposite Holitech Technology and Hunan Nanling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Hunan Nanling 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 Hunan Nanling will offset losses from the drop in Hunan Nanling's long position.| Holitech Technology vs. V V Food | Holitech Technology vs. Anhui Shiny Electronic | Holitech Technology vs. Guangdong Wens Foodstuff | Holitech Technology vs. Unigroup Guoxin Microelectronics |
| Hunan Nanling vs. Strait Innovation Internet | Hunan Nanling vs. APT Medical | Hunan Nanling vs. Jiangxi Hengda Hi Tech | Hunan Nanling vs. Fujian Newland Computer |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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