Correlation Between Holitech Technology and Sinocelltech
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By analyzing existing cross correlation between Holitech Technology Co and Sinocelltech Group, you can compare the effects of market volatilities on Holitech Technology and Sinocelltech 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 Sinocelltech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Sinocelltech.
Diversification Opportunities for Holitech Technology and Sinocelltech
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Holitech and Sinocelltech is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Sinocelltech Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinocelltech Group 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 Sinocelltech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinocelltech Group has no effect on the direction of Holitech Technology i.e., Holitech Technology and Sinocelltech go up and down completely randomly.
Pair Corralation between Holitech Technology and Sinocelltech
Assuming the 90 days trading horizon Holitech Technology Co is expected to under-perform the Sinocelltech. In addition to that, Holitech Technology is 1.77 times more volatile than Sinocelltech Group. It trades about -0.25 of its total potential returns per unit of risk. Sinocelltech Group is currently generating about -0.02 per unit of volatility. If you would invest 3,681 in Sinocelltech Group on October 22, 2024 and sell it today you would lose (40.00) from holding Sinocelltech Group or give up 1.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Holitech Technology Co vs. Sinocelltech Group
Performance |
| Timeline |
| Holitech Technology |
| Sinocelltech Group |
Holitech Technology and Sinocelltech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Sinocelltech
The main advantage of trading using opposite Holitech Technology and Sinocelltech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Sinocelltech 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 Sinocelltech will offset losses from the drop in Sinocelltech's long position.| Holitech Technology vs. Songz Automobile Air | Holitech Technology vs. Sinomach Automobile Co | Holitech Technology vs. Ningbo Fangzheng Automobile | Holitech Technology vs. Eastroc Beverage Group |
| Sinocelltech vs. Anhui Huilong Agricultural | Sinocelltech vs. Hongrun Construction Group | Sinocelltech vs. Fujian Longzhou Transportation | Sinocelltech vs. Zhongshan Broad Ocean Motor |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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