Correlation Between Holitech Technology and Beken Corp
Specify exactly 2 symbols:
By analyzing existing cross correlation between Holitech Technology Co and Beken Corp, you can compare the effects of market volatilities on Holitech Technology and Beken Corp 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 Beken Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Beken Corp.
Diversification Opportunities for Holitech Technology and Beken Corp
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Holitech and Beken is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Beken Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beken Corp 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 Beken Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beken Corp has no effect on the direction of Holitech Technology i.e., Holitech Technology and Beken Corp go up and down completely randomly.
Pair Corralation between Holitech Technology and Beken Corp
Assuming the 90 days trading horizon Holitech Technology Co is expected to under-perform the Beken Corp. But the stock apears to be less risky and, when comparing its historical volatility, Holitech Technology Co is 1.59 times less risky than Beken Corp. The stock trades about -0.1 of its potential returns per unit of risk. The Beken Corp is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 3,234 in Beken Corp on October 14, 2024 and sell it today you would earn a total of 110.00 from holding Beken Corp or generate 3.4% 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. Beken Corp
Performance |
| Timeline |
| Holitech Technology |
| Beken Corp |
Holitech Technology and Beken Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Beken Corp
The main advantage of trading using opposite Holitech Technology and Beken Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Beken Corp 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 Beken Corp will offset losses from the drop in Beken Corp's long position.| Holitech Technology vs. Northern United Publishing | Holitech Technology vs. Tianjin Hi Tech Development | Holitech Technology vs. Wuhan Yangtze Communication | Holitech Technology vs. Qtone Education Group |
| Beken Corp vs. Biwin Storage Technology | Beken Corp vs. PetroChina Co Ltd | Beken Corp vs. Industrial and Commercial | Beken Corp vs. China Construction Bank |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |