Correlation Between Holitech Technology and Zhejiang Yayi
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By analyzing existing cross correlation between Holitech Technology Co and Zhejiang Yayi Metal, you can compare the effects of market volatilities on Holitech Technology and Zhejiang Yayi 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 Zhejiang Yayi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Zhejiang Yayi.
Diversification Opportunities for Holitech Technology and Zhejiang Yayi
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Holitech and Zhejiang is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Zhejiang Yayi Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Yayi Metal 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 Zhejiang Yayi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Yayi Metal has no effect on the direction of Holitech Technology i.e., Holitech Technology and Zhejiang Yayi go up and down completely randomly.
Pair Corralation between Holitech Technology and Zhejiang Yayi
Assuming the 90 days trading horizon Holitech Technology Co is expected to generate 1.34 times more return on investment than Zhejiang Yayi. However, Holitech Technology is 1.34 times more volatile than Zhejiang Yayi Metal. It trades about 0.66 of its potential returns per unit of risk. Zhejiang Yayi Metal is currently generating about 0.02 per unit of risk. If you would invest 158.00 in Holitech Technology Co on August 28, 2024 and sell it today you would earn a total of 99.00 from holding Holitech Technology Co or generate 62.66% 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. Zhejiang Yayi Metal
Performance |
| Timeline |
| Holitech Technology |
| Zhejiang Yayi Metal |
Holitech Technology and Zhejiang Yayi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Zhejiang Yayi
The main advantage of trading using opposite Holitech Technology and Zhejiang Yayi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Zhejiang Yayi 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 Zhejiang Yayi will offset losses from the drop in Zhejiang Yayi's long position.| Holitech Technology vs. Guangdong Qunxing Toys | Holitech Technology vs. Western Metal Materials | Holitech Technology vs. Dongfeng Automobile Co | Holitech Technology vs. Shenzhen Topway Video |
| Zhejiang Yayi vs. China Petroleum Chemical | Zhejiang Yayi vs. PetroChina Co Ltd | Zhejiang Yayi vs. China State Construction | Zhejiang Yayi vs. China Railway Group |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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