Correlation Between Holitech Technology and Shanghai Metersbonwe
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By analyzing existing cross correlation between Holitech Technology Co and Shanghai Metersbonwe FashionAccessories, you can compare the effects of market volatilities on Holitech Technology and Shanghai Metersbonwe 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 Shanghai Metersbonwe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Shanghai Metersbonwe.
Diversification Opportunities for Holitech Technology and Shanghai Metersbonwe
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Holitech and Shanghai is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Shanghai Metersbonwe FashionAc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Metersbonwe 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 Shanghai Metersbonwe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Metersbonwe has no effect on the direction of Holitech Technology i.e., Holitech Technology and Shanghai Metersbonwe go up and down completely randomly.
Pair Corralation between Holitech Technology and Shanghai Metersbonwe
Assuming the 90 days trading horizon Holitech Technology Co is expected to generate 1.09 times more return on investment than Shanghai Metersbonwe. However, Holitech Technology is 1.09 times more volatile than Shanghai Metersbonwe FashionAccessories. It trades about 0.27 of its potential returns per unit of risk. Shanghai Metersbonwe FashionAccessories is currently generating about 0.11 per unit of risk. If you would invest 174.00 in Holitech Technology Co on September 1, 2024 and sell it today you would earn a total of 45.00 from holding Holitech Technology Co or generate 25.86% 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. Shanghai Metersbonwe FashionAc
Performance |
| Timeline |
| Holitech Technology |
| Shanghai Metersbonwe |
Holitech Technology and Shanghai Metersbonwe Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Shanghai Metersbonwe
The main advantage of trading using opposite Holitech Technology and Shanghai Metersbonwe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Shanghai Metersbonwe 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 Shanghai Metersbonwe will offset losses from the drop in Shanghai Metersbonwe's long position.| Holitech Technology vs. Cultural Investment Holdings | Holitech Technology vs. Gome Telecom Equipment | Holitech Technology vs. Bus Online Co | Holitech Technology vs. Zotye Automobile Co |
| Shanghai Metersbonwe vs. Cultural Investment Holdings | Shanghai Metersbonwe vs. Gome Telecom Equipment | Shanghai Metersbonwe vs. Bus Online Co | Shanghai Metersbonwe 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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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