Correlation Between Holitech Technology and China State
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By analyzing existing cross correlation between Holitech Technology Co and China State Construction, you can compare the effects of market volatilities on Holitech Technology and China State 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 China State. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and China State.
Diversification Opportunities for Holitech Technology and China State
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Holitech and China is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and China State Construction in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China State Construction 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 China State. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China State Construction has no effect on the direction of Holitech Technology i.e., Holitech Technology and China State go up and down completely randomly.
Pair Corralation between Holitech Technology and China State
Assuming the 90 days trading horizon Holitech Technology Co is expected to under-perform the China State. In addition to that, Holitech Technology is 3.29 times more volatile than China State Construction. It trades about -0.1 of its total potential returns per unit of risk. China State Construction is currently generating about -0.22 per unit of volatility. If you would invest 591.00 in China State Construction on October 18, 2024 and sell it today you would lose (30.00) from holding China State Construction or give up 5.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Holitech Technology Co vs. China State Construction
Performance |
| Timeline |
| Holitech Technology |
| China State Construction |
Holitech Technology and China State Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and China State
The main advantage of trading using opposite Holitech Technology and China State positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, China State 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 China State will offset losses from the drop in China State's long position.| Holitech Technology vs. Konfoong Materials International | Holitech Technology vs. Harvest Fund Management | Holitech Technology vs. Jinsanjiang Silicon Material | Holitech Technology vs. SSAW Hotels Resorts |
| China State vs. Sportsoul Co Ltd | China State vs. Fujian Longzhou Transportation | China State vs. Guangdong Xiongsu Technology | China State vs. Jiangsu Jinling Sports |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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