Correlation Between Holitech Technology and Guangdong Shenglu
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By analyzing existing cross correlation between Holitech Technology Co and Guangdong Shenglu Telecommunication, you can compare the effects of market volatilities on Holitech Technology and Guangdong Shenglu 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 Guangdong Shenglu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Guangdong Shenglu.
Diversification Opportunities for Holitech Technology and Guangdong Shenglu
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Holitech and Guangdong is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Guangdong Shenglu Telecommunic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Shenglu 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 Guangdong Shenglu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Shenglu has no effect on the direction of Holitech Technology i.e., Holitech Technology and Guangdong Shenglu go up and down completely randomly.
Pair Corralation between Holitech Technology and Guangdong Shenglu
Assuming the 90 days trading horizon Holitech Technology Co is expected to generate 0.63 times more return on investment than Guangdong Shenglu. However, Holitech Technology Co is 1.6 times less risky than Guangdong Shenglu. It trades about -0.03 of its potential returns per unit of risk. Guangdong Shenglu Telecommunication is currently generating about -0.1 per unit of risk. If you would invest 205.00 in Holitech Technology Co on November 5, 2024 and sell it today you would lose (3.00) from holding Holitech Technology Co or give up 1.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Holitech Technology Co vs. Guangdong Shenglu Telecommunic
Performance |
| Timeline |
| Holitech Technology |
| Guangdong Shenglu |
Holitech Technology and Guangdong Shenglu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Guangdong Shenglu
The main advantage of trading using opposite Holitech Technology and Guangdong Shenglu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Guangdong Shenglu 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 Guangdong Shenglu will offset losses from the drop in Guangdong Shenglu's long position.| Holitech Technology vs. Changjiang Publishing Media | Holitech Technology vs. Guangzhou Restaurants Group | Holitech Technology vs. Shenzhen Bioeasy Biotechnology | Holitech Technology vs. Tangel Publishing |
| Guangdong Shenglu vs. Industrial and Commercial | Guangdong Shenglu vs. Kweichow Moutai Co | Guangdong Shenglu vs. Agricultural Bank of | Guangdong Shenglu vs. China Mobile Limited |
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 Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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