Correlation Between Holitech Technology and Yunnan Yuntou
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By analyzing existing cross correlation between Holitech Technology Co and Yunnan Yuntou Ecology, you can compare the effects of market volatilities on Holitech Technology and Yunnan Yuntou 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 Yunnan Yuntou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Yunnan Yuntou.
Diversification Opportunities for Holitech Technology and Yunnan Yuntou
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Holitech and Yunnan is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Yunnan Yuntou Ecology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Yuntou Ecology 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 Yunnan Yuntou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Yuntou Ecology has no effect on the direction of Holitech Technology i.e., Holitech Technology and Yunnan Yuntou go up and down completely randomly.
Pair Corralation between Holitech Technology and Yunnan Yuntou
Assuming the 90 days trading horizon Holitech Technology Co is expected to generate 1.77 times more return on investment than Yunnan Yuntou. However, Holitech Technology is 1.77 times more volatile than Yunnan Yuntou Ecology. It trades about 0.0 of its potential returns per unit of risk. Yunnan Yuntou Ecology is currently generating about -0.05 per unit of risk. If you would invest 278.00 in Holitech Technology Co on November 29, 2024 and sell it today you would lose (74.00) from holding Holitech Technology Co or give up 26.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Holitech Technology Co vs. Yunnan Yuntou Ecology
Performance |
| Timeline |
| Holitech Technology |
| Yunnan Yuntou Ecology |
Holitech Technology and Yunnan Yuntou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Yunnan Yuntou
The main advantage of trading using opposite Holitech Technology and Yunnan Yuntou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Yunnan Yuntou 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 Yunnan Yuntou will offset losses from the drop in Yunnan Yuntou's long position.| Holitech Technology vs. Anhui Deli Household | Holitech Technology vs. Sportsoul Co Ltd | Holitech Technology vs. Gan Yuan Foods | Holitech Technology vs. New Hope Dairy |
| Yunnan Yuntou vs. Heilongjiang Transport Development | Yunnan Yuntou vs. Tibet Huayu Mining | Yunnan Yuntou vs. Western Metal Materials | Yunnan Yuntou vs. Harbin Air Conditioning |
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 Valuation module to check real value of public entities based on technical and fundamental data.
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