Correlation Between Holitech Technology and Jahen Household
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By analyzing existing cross correlation between Holitech Technology Co and Jahen Household Products, you can compare the effects of market volatilities on Holitech Technology and Jahen Household 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 Jahen Household. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Jahen Household.
Diversification Opportunities for Holitech Technology and Jahen Household
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Holitech and Jahen is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Jahen Household Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jahen Household Products 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 Jahen Household. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jahen Household Products has no effect on the direction of Holitech Technology i.e., Holitech Technology and Jahen Household go up and down completely randomly.
Pair Corralation between Holitech Technology and Jahen Household
Assuming the 90 days trading horizon Holitech Technology Co is expected to generate 0.94 times more return on investment than Jahen Household. However, Holitech Technology Co is 1.06 times less risky than Jahen Household. It trades about -0.1 of its potential returns per unit of risk. Jahen Household Products is currently generating about -0.13 per unit of risk. If you would invest 228.00 in Holitech Technology Co on October 18, 2024 and sell it today you would lose (20.00) from holding Holitech Technology Co or give up 8.77% 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. Jahen Household Products
Performance |
| Timeline |
| Holitech Technology |
| Jahen Household Products |
Holitech Technology and Jahen Household Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Jahen Household
The main advantage of trading using opposite Holitech Technology and Jahen Household positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Jahen Household 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 Jahen Household will offset losses from the drop in Jahen Household's long position.| Holitech Technology vs. Konfoong Materials International | Holitech Technology vs. Harvest Fund Management | Holitech Technology vs. Jinsanjiang Silicon Material | Holitech Technology vs. SSAW Hotels Resorts |
| Jahen Household vs. Shaanxi Meineng Clean | Jahen Household vs. Jiangsu Jinling Sports | Jahen Household vs. Shenzhen AV Display Co | Jahen Household vs. Semiconductor Manufacturing Intl |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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