Correlation Between Holitech Technology and Nanjing Vishee
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By analyzing existing cross correlation between Holitech Technology Co and Nanjing Vishee Medical, you can compare the effects of market volatilities on Holitech Technology and Nanjing Vishee 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 Nanjing Vishee. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Nanjing Vishee.
Diversification Opportunities for Holitech Technology and Nanjing Vishee
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Holitech and Nanjing is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Nanjing Vishee Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Vishee Medical 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 Nanjing Vishee. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Vishee Medical has no effect on the direction of Holitech Technology i.e., Holitech Technology and Nanjing Vishee go up and down completely randomly.
Pair Corralation between Holitech Technology and Nanjing Vishee
Assuming the 90 days trading horizon Holitech Technology Co is expected to generate 1.06 times more return on investment than Nanjing Vishee. However, Holitech Technology is 1.06 times more volatile than Nanjing Vishee Medical. It trades about -0.14 of its potential returns per unit of risk. Nanjing Vishee Medical is currently generating about -0.16 per unit of risk. If you would invest 228.00 in Holitech Technology Co on October 11, 2024 and sell it today you would lose (26.00) from holding Holitech Technology Co or give up 11.4% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Holitech Technology Co vs. Nanjing Vishee Medical
Performance |
| Timeline |
| Holitech Technology |
| Nanjing Vishee Medical |
Holitech Technology and Nanjing Vishee Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Nanjing Vishee
The main advantage of trading using opposite Holitech Technology and Nanjing Vishee positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Nanjing Vishee 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 Nanjing Vishee will offset losses from the drop in Nanjing Vishee'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 |
| Nanjing Vishee vs. Holitech Technology Co | Nanjing Vishee vs. Zotye Automobile Co | Nanjing Vishee vs. Bus Online Co | Nanjing Vishee vs. Cultural Investment Holdings |
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.
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