Correlation Between Holitech Technology and Ye Chiu
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By analyzing existing cross correlation between Holitech Technology Co and Ye Chiu Metal, you can compare the effects of market volatilities on Holitech Technology and Ye Chiu 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 Ye Chiu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Ye Chiu.
Diversification Opportunities for Holitech Technology and Ye Chiu
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Holitech and 601388 is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Ye Chiu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ye Chiu 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 Ye Chiu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ye Chiu Metal has no effect on the direction of Holitech Technology i.e., Holitech Technology and Ye Chiu go up and down completely randomly.
Pair Corralation between Holitech Technology and Ye Chiu
Assuming the 90 days trading horizon Holitech Technology is expected to generate 1.03 times less return on investment than Ye Chiu. In addition to that, Holitech Technology is 1.18 times more volatile than Ye Chiu Metal. It trades about 0.04 of its total potential returns per unit of risk. Ye Chiu Metal is currently generating about 0.05 per unit of volatility. If you would invest 216.00 in Ye Chiu Metal on September 1, 2024 and sell it today you would earn a total of 49.00 from holding Ye Chiu Metal or generate 22.69% 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. Ye Chiu Metal
Performance |
| Timeline |
| Holitech Technology |
| Ye Chiu Metal |
Holitech Technology and Ye Chiu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Ye Chiu
The main advantage of trading using opposite Holitech Technology and Ye Chiu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Ye Chiu 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 Ye Chiu will offset losses from the drop in Ye Chiu's long position.| Holitech Technology vs. Cultural Investment Holdings | Holitech Technology vs. Gome Telecom Equipment | Holitech Technology vs. Bus Online Co | Holitech Technology vs. Zotye Automobile Co |
| Ye Chiu vs. Zijin Mining Group | Ye Chiu vs. Wanhua Chemical Group | Ye Chiu vs. Baoshan Iron Steel | Ye Chiu vs. Shandong Gold Mining |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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