Correlation Between Holitech Technology and Jiangsu Xinri
Specify exactly 2 symbols:
By analyzing existing cross correlation between Holitech Technology Co and Jiangsu Xinri E Vehicle, you can compare the effects of market volatilities on Holitech Technology and Jiangsu Xinri 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 Jiangsu Xinri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Jiangsu Xinri.
Diversification Opportunities for Holitech Technology and Jiangsu Xinri
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Holitech and Jiangsu is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Jiangsu Xinri E Vehicle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinri E 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 Jiangsu Xinri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinri E has no effect on the direction of Holitech Technology i.e., Holitech Technology and Jiangsu Xinri go up and down completely randomly.
Pair Corralation between Holitech Technology and Jiangsu Xinri
Assuming the 90 days trading horizon Holitech Technology Co is expected to generate 1.4 times more return on investment than Jiangsu Xinri. However, Holitech Technology is 1.4 times more volatile than Jiangsu Xinri E Vehicle. It trades about 0.0 of its potential returns per unit of risk. Jiangsu Xinri E Vehicle is currently generating about -0.04 per unit of risk. If you would invest 284.00 in Holitech Technology Co on October 11, 2024 and sell it today you would lose (74.00) from holding Holitech Technology Co or give up 26.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Holitech Technology Co vs. Jiangsu Xinri E Vehicle
Performance |
| Timeline |
| Holitech Technology |
| Jiangsu Xinri E |
Holitech Technology and Jiangsu Xinri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Jiangsu Xinri
The main advantage of trading using opposite Holitech Technology and Jiangsu Xinri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Jiangsu Xinri 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 Jiangsu Xinri will offset losses from the drop in Jiangsu Xinri's long position.| Holitech Technology vs. Easyhome New Retail | Holitech Technology vs. Guocheng Mining Co | Holitech Technology vs. Juneyao Airlines | Holitech Technology vs. XinJiang GuoTong Pipeline |
| Jiangsu Xinri vs. Beijing Bewinner Communications | Jiangsu Xinri vs. Holitech Technology Co | Jiangsu Xinri vs. China Satellite Communications | Jiangsu Xinri vs. 360 Security Technology |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |