Correlation Between Holitech Technology and Zhongshan Broad
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By analyzing existing cross correlation between Holitech Technology Co and Zhongshan Broad Ocean Motor, you can compare the effects of market volatilities on Holitech Technology and Zhongshan Broad 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 Zhongshan Broad. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Zhongshan Broad.
Diversification Opportunities for Holitech Technology and Zhongshan Broad
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Holitech and Zhongshan is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Zhongshan Broad Ocean Motor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhongshan Broad Ocean 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 Zhongshan Broad. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhongshan Broad Ocean has no effect on the direction of Holitech Technology i.e., Holitech Technology and Zhongshan Broad go up and down completely randomly.
Pair Corralation between Holitech Technology and Zhongshan Broad
Assuming the 90 days trading horizon Holitech Technology Co is expected to generate 2.92 times more return on investment than Zhongshan Broad. However, Holitech Technology is 2.92 times more volatile than Zhongshan Broad Ocean Motor. It trades about 0.17 of its potential returns per unit of risk. Zhongshan Broad Ocean Motor is currently generating about -0.13 per unit of risk. If you would invest 192.00 in Holitech Technology Co on September 3, 2024 and sell it today you would earn a total of 27.00 from holding Holitech Technology Co or generate 14.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Holitech Technology Co vs. Zhongshan Broad Ocean Motor
Performance |
| Timeline |
| Holitech Technology |
| Zhongshan Broad Ocean |
Holitech Technology and Zhongshan Broad Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Zhongshan Broad
The main advantage of trading using opposite Holitech Technology and Zhongshan Broad positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Zhongshan Broad 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 Zhongshan Broad will offset losses from the drop in Zhongshan Broad's long position.| Holitech Technology vs. Agricultural Bank of | Holitech Technology vs. China Construction Bank | Holitech Technology vs. Postal Savings Bank | Holitech Technology vs. Bank of Communications |
| Zhongshan Broad vs. Cultural Investment Holdings | Zhongshan Broad vs. Gome Telecom Equipment | Zhongshan Broad vs. Bus Online Co | Zhongshan Broad 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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