Correlation Between Holitech Technology and Hoshine Silicon
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By analyzing existing cross correlation between Holitech Technology Co and Hoshine Silicon Ind, you can compare the effects of market volatilities on Holitech Technology and Hoshine Silicon 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 Hoshine Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Hoshine Silicon.
Diversification Opportunities for Holitech Technology and Hoshine Silicon
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Holitech and Hoshine is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Hoshine Silicon Ind in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hoshine Silicon Ind 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 Hoshine Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hoshine Silicon Ind has no effect on the direction of Holitech Technology i.e., Holitech Technology and Hoshine Silicon go up and down completely randomly.
Pair Corralation between Holitech Technology and Hoshine Silicon
Assuming the 90 days trading horizon Holitech Technology Co is expected to generate 2.36 times more return on investment than Hoshine Silicon. However, Holitech Technology is 2.36 times more volatile than Hoshine Silicon Ind. It trades about 0.38 of its potential returns per unit of risk. Hoshine Silicon Ind is currently generating about -0.05 per unit of risk. If you would invest 166.00 in Holitech Technology Co on August 31, 2024 and sell it today you would earn a total of 64.00 from holding Holitech Technology Co or generate 38.55% 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. Hoshine Silicon Ind
Performance |
| Timeline |
| Holitech Technology |
| Hoshine Silicon Ind |
Holitech Technology and Hoshine Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Hoshine Silicon
The main advantage of trading using opposite Holitech Technology and Hoshine Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Hoshine Silicon 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 Hoshine Silicon will offset losses from the drop in Hoshine Silicon's long position.| Holitech Technology vs. Kweichow Moutai Co | Holitech Technology vs. NAURA Technology Group | Holitech Technology vs. APT Medical | Holitech Technology vs. Contemporary Amperex Technology |
| Hoshine Silicon vs. ROPEOK Technology Group | Hoshine Silicon vs. Maxvision Technology Corp | Hoshine Silicon vs. Soyea Technology Co | Hoshine Silicon 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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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