Correlation Between Holitech Technology and Fujian Oriental
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By analyzing existing cross correlation between Holitech Technology Co and Fujian Oriental Silver, you can compare the effects of market volatilities on Holitech Technology and Fujian Oriental 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 Fujian Oriental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Fujian Oriental.
Diversification Opportunities for Holitech Technology and Fujian Oriental
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Holitech and Fujian is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Fujian Oriental Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Oriental Silver 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 Fujian Oriental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Oriental Silver has no effect on the direction of Holitech Technology i.e., Holitech Technology and Fujian Oriental go up and down completely randomly.
Pair Corralation between Holitech Technology and Fujian Oriental
Assuming the 90 days trading horizon Holitech Technology Co is expected to generate 0.72 times more return on investment than Fujian Oriental. However, Holitech Technology Co is 1.38 times less risky than Fujian Oriental. It trades about 0.2 of its potential returns per unit of risk. Fujian Oriental Silver is currently generating about 0.06 per unit of risk. If you would invest 126.00 in Holitech Technology Co on September 25, 2024 and sell it today you would earn a total of 125.00 from holding Holitech Technology Co or generate 99.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Holitech Technology Co vs. Fujian Oriental Silver
Performance |
| Timeline |
| Holitech Technology |
| Fujian Oriental Silver |
Holitech Technology and Fujian Oriental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Fujian Oriental
The main advantage of trading using opposite Holitech Technology and Fujian Oriental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Fujian Oriental 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 Fujian Oriental will offset losses from the drop in Fujian Oriental's long position.| Holitech Technology vs. Industrial and Commercial | Holitech Technology vs. China Construction Bank | Holitech Technology vs. Agricultural Bank of | Holitech Technology vs. Bank of China |
| Fujian Oriental vs. Cultural Investment Holdings | Fujian Oriental vs. Gome Telecom Equipment | Fujian Oriental vs. Bus Online Co | Fujian Oriental 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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