Correlation Between Holitech Technology and Fujian Anjoy
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By analyzing existing cross correlation between Holitech Technology Co and Fujian Anjoy Foods, you can compare the effects of market volatilities on Holitech Technology and Fujian Anjoy 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 Fujian Anjoy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Fujian Anjoy.
Diversification Opportunities for Holitech Technology and Fujian Anjoy
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Holitech and Fujian is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Fujian Anjoy Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Anjoy Foods 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 Fujian Anjoy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Anjoy Foods has no effect on the direction of Holitech Technology i.e., Holitech Technology and Fujian Anjoy go up and down completely randomly.
Pair Corralation between Holitech Technology and Fujian Anjoy
Assuming the 90 days trading horizon Holitech Technology Co is expected to generate 1.48 times more return on investment than Fujian Anjoy. However, Holitech Technology is 1.48 times more volatile than Fujian Anjoy Foods. It trades about 0.0 of its potential returns per unit of risk. Fujian Anjoy Foods is currently generating about -0.05 per unit of risk. If you would invest 295.00 in Holitech Technology Co on November 1, 2024 and sell it today you would lose (93.00) from holding Holitech Technology Co or give up 31.53% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Holitech Technology Co vs. Fujian Anjoy Foods
Performance |
| Timeline |
| Holitech Technology |
| Fujian Anjoy Foods |
Holitech Technology and Fujian Anjoy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Fujian Anjoy
The main advantage of trading using opposite Holitech Technology and Fujian Anjoy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Fujian Anjoy 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 Fujian Anjoy will offset losses from the drop in Fujian Anjoy's long position.| Holitech Technology vs. Chengdu Kanghua Biological | Holitech Technology vs. Suzhou Novoprotein Scientific | Holitech Technology vs. Aluminum Corp of | Holitech Technology vs. COL Digital Publishing |
| Fujian Anjoy vs. Heilongjiang Transport Development | Fujian Anjoy vs. Silkroad Visual Technology | Fujian Anjoy vs. Xinjiang Beixin RoadBridge | Fujian Anjoy vs. Chengdu Xinzhu RoadBridge |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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