Correlation Between Holitech Technology and Bank of XiAn
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By analyzing existing cross correlation between Holitech Technology Co and Bank of XiAn, you can compare the effects of market volatilities on Holitech Technology and Bank of XiAn 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 Bank of XiAn. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Bank of XiAn.
Diversification Opportunities for Holitech Technology and Bank of XiAn
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Holitech and Bank is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Bank of XiAn in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of XiAn 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 Bank of XiAn. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of XiAn has no effect on the direction of Holitech Technology i.e., Holitech Technology and Bank of XiAn go up and down completely randomly.
Pair Corralation between Holitech Technology and Bank of XiAn
Assuming the 90 days trading horizon Holitech Technology Co is expected to under-perform the Bank of XiAn. In addition to that, Holitech Technology is 2.34 times more volatile than Bank of XiAn. It trades about -0.14 of its total potential returns per unit of risk. Bank of XiAn is currently generating about 0.06 per unit of volatility. If you would invest 368.00 in Bank of XiAn on September 15, 2024 and sell it today you would earn a total of 6.00 from holding Bank of XiAn or generate 1.63% 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. Bank of XiAn
Performance |
| Timeline |
| Holitech Technology |
| Bank of XiAn |
Holitech Technology and Bank of XiAn Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Bank of XiAn
The main advantage of trading using opposite Holitech Technology and Bank of XiAn positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Bank of XiAn 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 Bank of XiAn will offset losses from the drop in Bank of XiAn's long position.| Holitech Technology vs. Industrial and Commercial | Holitech Technology vs. Agricultural Bank of | Holitech Technology vs. China Construction Bank | Holitech Technology vs. Bank of China |
| Bank of XiAn vs. Cultural Investment Holdings | Bank of XiAn vs. Gome Telecom Equipment | Bank of XiAn vs. Holitech Technology Co | Bank of XiAn vs. Zotye Automobile 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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