Correlation Between Beingmate Baby and Hengli Industrial
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By analyzing existing cross correlation between Beingmate Baby Child and Hengli Industrial Development, you can compare the effects of market volatilities on Beingmate Baby and Hengli Industrial 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 Beingmate Baby with a short position of Hengli Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beingmate Baby and Hengli Industrial.
Diversification Opportunities for Beingmate Baby and Hengli Industrial
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Beingmate and Hengli is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Beingmate Baby Child and Hengli Industrial Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hengli Industrial and Beingmate Baby 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 Beingmate Baby Child are associated (or correlated) with Hengli Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hengli Industrial has no effect on the direction of Beingmate Baby i.e., Beingmate Baby and Hengli Industrial go up and down completely randomly.
Pair Corralation between Beingmate Baby and Hengli Industrial
Assuming the 90 days trading horizon Beingmate Baby is expected to generate 1.54 times less return on investment than Hengli Industrial. But when comparing it to its historical volatility, Beingmate Baby Child is 1.16 times less risky than Hengli Industrial. It trades about 0.15 of its potential returns per unit of risk. Hengli Industrial Development is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 211.00 in Hengli Industrial Development on November 6, 2024 and sell it today you would earn a total of 19.00 from holding Hengli Industrial Development or generate 9.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beingmate Baby Child vs. Hengli Industrial Development
Performance |
| Timeline |
| Beingmate Baby Child |
| Hengli Industrial |
Beingmate Baby and Hengli Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beingmate Baby and Hengli Industrial
The main advantage of trading using opposite Beingmate Baby and Hengli Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beingmate Baby position performs unexpectedly, Hengli Industrial 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 Hengli Industrial will offset losses from the drop in Hengli Industrial's long position.| Beingmate Baby vs. Jiahe Foods Industry | Beingmate Baby vs. Jilin Jlu Communication | Beingmate Baby vs. Guangdong Shenglu Telecommunication | Beingmate Baby vs. HaiXin Foods Co |
| Hengli Industrial vs. Jinhe Biotechnology Co | Hengli Industrial vs. GreenTech Environmental Co | Hengli Industrial vs. Holitech Technology Co | Hengli Industrial vs. Kangping 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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