Correlation Between Shenzhen MYS and Hainan Haiqi
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By analyzing existing cross correlation between Shenzhen MYS Environmental and Hainan Haiqi Transportation, you can compare the effects of market volatilities on Shenzhen MYS and Hainan Haiqi 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 Shenzhen MYS with a short position of Hainan Haiqi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and Hainan Haiqi.
Diversification Opportunities for Shenzhen MYS and Hainan Haiqi
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shenzhen and Hainan is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental and Hainan Haiqi Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Haiqi Transpo and Shenzhen MYS 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 Shenzhen MYS Environmental are associated (or correlated) with Hainan Haiqi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Haiqi Transpo has no effect on the direction of Shenzhen MYS i.e., Shenzhen MYS and Hainan Haiqi go up and down completely randomly.
Pair Corralation between Shenzhen MYS and Hainan Haiqi
Assuming the 90 days trading horizon Shenzhen MYS Environmental is expected to generate 0.92 times more return on investment than Hainan Haiqi. However, Shenzhen MYS Environmental is 1.09 times less risky than Hainan Haiqi. It trades about -0.07 of its potential returns per unit of risk. Hainan Haiqi Transportation is currently generating about -0.09 per unit of risk. If you would invest 375.00 in Shenzhen MYS Environmental on October 30, 2024 and sell it today you would lose (35.00) from holding Shenzhen MYS Environmental or give up 9.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen MYS Environmental vs. Hainan Haiqi Transportation
Performance |
| Timeline |
| Shenzhen MYS Environ |
| Hainan Haiqi Transpo |
Shenzhen MYS and Hainan Haiqi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MYS and Hainan Haiqi
The main advantage of trading using opposite Shenzhen MYS and Hainan Haiqi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS position performs unexpectedly, Hainan Haiqi 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 Hainan Haiqi will offset losses from the drop in Hainan Haiqi's long position.| Shenzhen MYS vs. Capitalonline Data Service | Shenzhen MYS vs. Fujian Nanwang Environment | Shenzhen MYS vs. Shandong Iron and | Shenzhen MYS vs. Chengdu Spaceon Electronics |
| Hainan Haiqi vs. Xinjiang Baodi Mining | Hainan Haiqi vs. Ningbo Bohui Chemical | Hainan Haiqi vs. Easyhome New Retail | Hainan Haiqi vs. China World Trade |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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