Correlation Between Holitech Technology and Jiujiang Shanshui
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By analyzing existing cross correlation between Holitech Technology Co and Jiujiang Shanshui Technology, you can compare the effects of market volatilities on Holitech Technology and Jiujiang Shanshui 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 Jiujiang Shanshui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Jiujiang Shanshui.
Diversification Opportunities for Holitech Technology and Jiujiang Shanshui
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Holitech and Jiujiang is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Jiujiang Shanshui Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiujiang Shanshui 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 Jiujiang Shanshui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiujiang Shanshui has no effect on the direction of Holitech Technology i.e., Holitech Technology and Jiujiang Shanshui go up and down completely randomly.
Pair Corralation between Holitech Technology and Jiujiang Shanshui
Assuming the 90 days trading horizon Holitech Technology Co is expected to generate 1.62 times more return on investment than Jiujiang Shanshui. However, Holitech Technology is 1.62 times more volatile than Jiujiang Shanshui Technology. It trades about 0.01 of its potential returns per unit of risk. Jiujiang Shanshui Technology is currently generating about 0.0 per unit of risk. If you would invest 303.00 in Holitech Technology Co on August 24, 2024 and sell it today you would lose (33.00) from holding Holitech Technology Co or give up 10.89% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Holitech Technology Co vs. Jiujiang Shanshui Technology
Performance |
| Timeline |
| Holitech Technology |
| Jiujiang Shanshui |
Holitech Technology and Jiujiang Shanshui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Jiujiang Shanshui
The main advantage of trading using opposite Holitech Technology and Jiujiang Shanshui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Jiujiang Shanshui 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 Jiujiang Shanshui will offset losses from the drop in Jiujiang Shanshui's long position.| Holitech Technology vs. Ming Yang Smart | Holitech Technology vs. 159005 | Holitech Technology vs. Loctek Ergonomic Technology | Holitech Technology vs. Xiamen East Asia |
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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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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