Correlation Between Holitech Technology and Cloud Live
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By analyzing existing cross correlation between Holitech Technology Co and Cloud Live Technology, you can compare the effects of market volatilities on Holitech Technology and Cloud Live 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 Cloud Live. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Cloud Live.
Diversification Opportunities for Holitech Technology and Cloud Live
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Holitech and Cloud is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Cloud Live Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cloud Live Technology 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 Cloud Live. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cloud Live Technology has no effect on the direction of Holitech Technology i.e., Holitech Technology and Cloud Live go up and down completely randomly.
Pair Corralation between Holitech Technology and Cloud Live
Assuming the 90 days trading horizon Holitech Technology Co is expected to generate 0.79 times more return on investment than Cloud Live. However, Holitech Technology Co is 1.27 times less risky than Cloud Live. It trades about -0.1 of its potential returns per unit of risk. Cloud Live Technology is currently generating about -0.51 per unit of risk. If you would invest 224.00 in Holitech Technology Co on October 14, 2024 and sell it today you would lose (19.00) from holding Holitech Technology Co or give up 8.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Holitech Technology Co vs. Cloud Live Technology
Performance |
| Timeline |
| Holitech Technology |
| Cloud Live Technology |
Holitech Technology and Cloud Live Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Cloud Live
The main advantage of trading using opposite Holitech Technology and Cloud Live positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Cloud Live 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 Cloud Live will offset losses from the drop in Cloud Live's long position.| Holitech Technology vs. Northern United Publishing | Holitech Technology vs. Tianjin Hi Tech Development | Holitech Technology vs. Wuhan Yangtze Communication | Holitech Technology vs. Qtone Education Group |
| Cloud Live vs. Postal Savings Bank | Cloud Live vs. Shaanxi Construction Machinery | Cloud Live vs. Allied Machinery Co | Cloud Live vs. Lutian Machinery 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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