Correlation Between Holitech Technology and Chongqing Brewery
Specify exactly 2 symbols:
By analyzing existing cross correlation between Holitech Technology Co and Chongqing Brewery Co, you can compare the effects of market volatilities on Holitech Technology and Chongqing Brewery 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 Chongqing Brewery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Chongqing Brewery.
Diversification Opportunities for Holitech Technology and Chongqing Brewery
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Holitech and Chongqing is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Chongqing Brewery Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Brewery 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 Chongqing Brewery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Brewery has no effect on the direction of Holitech Technology i.e., Holitech Technology and Chongqing Brewery go up and down completely randomly.
Pair Corralation between Holitech Technology and Chongqing Brewery
Assuming the 90 days trading horizon Holitech Technology Co is expected to under-perform the Chongqing Brewery. In addition to that, Holitech Technology is 2.18 times more volatile than Chongqing Brewery Co. It trades about -0.24 of its total potential returns per unit of risk. Chongqing Brewery Co is currently generating about -0.35 per unit of volatility. If you would invest 6,356 in Chongqing Brewery Co on October 20, 2024 and sell it today you would lose (689.00) from holding Chongqing Brewery Co or give up 10.84% 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. Chongqing Brewery Co
Performance |
| Timeline |
| Holitech Technology |
| Chongqing Brewery |
Holitech Technology and Chongqing Brewery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Chongqing Brewery
The main advantage of trading using opposite Holitech Technology and Chongqing Brewery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Chongqing Brewery 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 Chongqing Brewery will offset losses from the drop in Chongqing Brewery's long position.| Holitech Technology vs. Xiamen Jihong Package | Holitech Technology vs. Bingo Software Co | Holitech Technology vs. Jiangsu Financial Leasing | Holitech Technology vs. Jiangsu Hoperun Software |
| Chongqing Brewery vs. Beijing Kingsoft Office | Chongqing Brewery vs. AUPU Home Style | Chongqing Brewery vs. Nanxing Furniture Machinery | Chongqing Brewery vs. Longmaster Information Tech |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |