Correlation Between Holitech Technology and Shenzhen Zhongzhuang
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By analyzing existing cross correlation between Holitech Technology Co and Shenzhen Zhongzhuang Construction, you can compare the effects of market volatilities on Holitech Technology and Shenzhen Zhongzhuang 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 Shenzhen Zhongzhuang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Shenzhen Zhongzhuang.
Diversification Opportunities for Holitech Technology and Shenzhen Zhongzhuang
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Holitech and Shenzhen is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Shenzhen Zhongzhuang Construct in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Zhongzhuang 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 Shenzhen Zhongzhuang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Zhongzhuang has no effect on the direction of Holitech Technology i.e., Holitech Technology and Shenzhen Zhongzhuang go up and down completely randomly.
Pair Corralation between Holitech Technology and Shenzhen Zhongzhuang
Assuming the 90 days trading horizon Holitech Technology is expected to generate 4.58 times less return on investment than Shenzhen Zhongzhuang. In addition to that, Holitech Technology is 1.16 times more volatile than Shenzhen Zhongzhuang Construction. It trades about 0.0 of its total potential returns per unit of risk. Shenzhen Zhongzhuang Construction is currently generating about 0.01 per unit of volatility. If you would invest 462.00 in Shenzhen Zhongzhuang Construction on August 31, 2024 and sell it today you would lose (51.00) from holding Shenzhen Zhongzhuang Construction or give up 11.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Holitech Technology Co vs. Shenzhen Zhongzhuang Construct
Performance |
| Timeline |
| Holitech Technology |
| Shenzhen Zhongzhuang |
Holitech Technology and Shenzhen Zhongzhuang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Shenzhen Zhongzhuang
The main advantage of trading using opposite Holitech Technology and Shenzhen Zhongzhuang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Shenzhen Zhongzhuang 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 Shenzhen Zhongzhuang will offset losses from the drop in Shenzhen Zhongzhuang's long position.| Holitech Technology vs. Kweichow Moutai Co | Holitech Technology vs. NAURA Technology Group | Holitech Technology vs. APT Medical | Holitech Technology vs. Contemporary Amperex Technology |
| Shenzhen Zhongzhuang vs. Cultural Investment Holdings | Shenzhen Zhongzhuang vs. Gome Telecom Equipment | Shenzhen Zhongzhuang vs. Bus Online Co | Shenzhen Zhongzhuang 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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