Correlation Between Holitech Technology and Yindu Kitchen
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By analyzing existing cross correlation between Holitech Technology Co and Yindu Kitchen Equipment, you can compare the effects of market volatilities on Holitech Technology and Yindu Kitchen 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 Yindu Kitchen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Yindu Kitchen.
Diversification Opportunities for Holitech Technology and Yindu Kitchen
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Holitech and Yindu is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Yindu Kitchen Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yindu Kitchen Equipment 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 Yindu Kitchen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yindu Kitchen Equipment has no effect on the direction of Holitech Technology i.e., Holitech Technology and Yindu Kitchen go up and down completely randomly.
Pair Corralation between Holitech Technology and Yindu Kitchen
Assuming the 90 days trading horizon Holitech Technology Co is expected to under-perform the Yindu Kitchen. In addition to that, Holitech Technology is 1.82 times more volatile than Yindu Kitchen Equipment. It trades about -0.09 of its total potential returns per unit of risk. Yindu Kitchen Equipment is currently generating about 0.2 per unit of volatility. If you would invest 2,358 in Yindu Kitchen Equipment on October 17, 2024 and sell it today you would earn a total of 206.00 from holding Yindu Kitchen Equipment or generate 8.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Holitech Technology Co vs. Yindu Kitchen Equipment
Performance |
| Timeline |
| Holitech Technology |
| Yindu Kitchen Equipment |
Holitech Technology and Yindu Kitchen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Yindu Kitchen
The main advantage of trading using opposite Holitech Technology and Yindu Kitchen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Yindu Kitchen 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 Yindu Kitchen will offset losses from the drop in Yindu Kitchen'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 |
| Yindu Kitchen vs. Cangzhou Mingzhu Plastic | Yindu Kitchen vs. Kangping Technology Co | Yindu Kitchen vs. Jiujiang Shanshui Technology | Yindu Kitchen 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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