Correlation Between Zhejiang JIULI and Harvest Fund
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By analyzing existing cross correlation between Zhejiang JIULI Hi tech and Harvest Fund Management, you can compare the effects of market volatilities on Zhejiang JIULI and Harvest Fund 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 Zhejiang JIULI with a short position of Harvest Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang JIULI and Harvest Fund.
Diversification Opportunities for Zhejiang JIULI and Harvest Fund
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Zhejiang and Harvest is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang JIULI Hi tech and Harvest Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harvest Fund Management and Zhejiang JIULI 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 Zhejiang JIULI Hi tech are associated (or correlated) with Harvest Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harvest Fund Management has no effect on the direction of Zhejiang JIULI i.e., Zhejiang JIULI and Harvest Fund go up and down completely randomly.
Pair Corralation between Zhejiang JIULI and Harvest Fund
Assuming the 90 days trading horizon Zhejiang JIULI is expected to generate 6.43 times less return on investment than Harvest Fund. But when comparing it to its historical volatility, Zhejiang JIULI Hi tech is 1.8 times less risky than Harvest Fund. It trades about 0.13 of its potential returns per unit of risk. Harvest Fund Management is currently generating about 0.46 of returns per unit of risk over similar time horizon. If you would invest 272.00 in Harvest Fund Management on October 18, 2024 and sell it today you would earn a total of 53.00 from holding Harvest Fund Management or generate 19.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang JIULI Hi tech vs. Harvest Fund Management
Performance |
| Timeline |
| Zhejiang JIULI Hi |
| Harvest Fund Management |
Zhejiang JIULI and Harvest Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang JIULI and Harvest Fund
The main advantage of trading using opposite Zhejiang JIULI and Harvest Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang JIULI position performs unexpectedly, Harvest Fund 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 Harvest Fund will offset losses from the drop in Harvest Fund's long position.| Zhejiang JIULI vs. Hengdian Entertainment Co | Zhejiang JIULI vs. Thinkingdom Media Group | Zhejiang JIULI vs. Humanwell Healthcare Group | Zhejiang JIULI vs. Guangdong Jinma Entertainment |
| Harvest Fund vs. Tianjin Hi Tech Development | Harvest Fund vs. Sinocat Environmental Technology | Harvest Fund vs. Gansu Jiu Steel | Harvest Fund vs. Zhejiang JIULI Hi tech |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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