Correlation Between Integrated Electronic and Hainan Haiqi
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By analyzing existing cross correlation between Integrated Electronic Systems and Hainan Haiqi Transportation, you can compare the effects of market volatilities on Integrated Electronic 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 Integrated Electronic with a short position of Hainan Haiqi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integrated Electronic and Hainan Haiqi.
Diversification Opportunities for Integrated Electronic and Hainan Haiqi
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Integrated and Hainan is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Integrated Electronic Systems 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 Integrated Electronic 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 Integrated Electronic Systems 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 Integrated Electronic i.e., Integrated Electronic and Hainan Haiqi go up and down completely randomly.
Pair Corralation between Integrated Electronic and Hainan Haiqi
Assuming the 90 days trading horizon Integrated Electronic Systems is expected to under-perform the Hainan Haiqi. But the stock apears to be less risky and, when comparing its historical volatility, Integrated Electronic Systems is 1.04 times less risky than Hainan Haiqi. The stock trades about -0.06 of its potential returns per unit of risk. The Hainan Haiqi Transportation is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 1,773 in Hainan Haiqi Transportation on November 3, 2024 and sell it today you would lose (16.00) from holding Hainan Haiqi Transportation or give up 0.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Integrated Electronic Systems vs. Hainan Haiqi Transportation
Performance |
| Timeline |
| Integrated Electronic |
| Hainan Haiqi Transpo |
Integrated Electronic and Hainan Haiqi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integrated Electronic and Hainan Haiqi
The main advantage of trading using opposite Integrated Electronic and Hainan Haiqi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integrated Electronic 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.| Integrated Electronic vs. Baoding Dongli Machinery | Integrated Electronic vs. Senci Electric Machinery | Integrated Electronic vs. JuneYao Dairy Co | Integrated Electronic vs. Qingdao Foods Co |
| Hainan Haiqi vs. Bank of Communications | Hainan Haiqi vs. ROPEOK Technology Group | Hainan Haiqi vs. Tongyu Communication | Hainan Haiqi vs. Bangyan Technology Co |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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