Correlation Between Anhui Deli and Hainan Haiqi
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By analyzing existing cross correlation between Anhui Deli Household and Hainan Haiqi Transportation, you can compare the effects of market volatilities on Anhui Deli 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 Anhui Deli with a short position of Hainan Haiqi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Deli and Hainan Haiqi.
Diversification Opportunities for Anhui Deli and Hainan Haiqi
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Anhui and Hainan is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Deli Household 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 Anhui Deli 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 Anhui Deli Household 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 Anhui Deli i.e., Anhui Deli and Hainan Haiqi go up and down completely randomly.
Pair Corralation between Anhui Deli and Hainan Haiqi
Assuming the 90 days trading horizon Anhui Deli Household is expected to generate 1.03 times more return on investment than Hainan Haiqi. However, Anhui Deli is 1.03 times more volatile than Hainan Haiqi Transportation. It trades about 0.0 of its potential returns per unit of risk. Hainan Haiqi Transportation is currently generating about -0.01 per unit of risk. If you would invest 630.00 in Anhui Deli Household on September 14, 2024 and sell it today you would lose (89.00) from holding Anhui Deli Household or give up 14.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Deli Household vs. Hainan Haiqi Transportation
Performance |
| Timeline |
| Anhui Deli Household |
| Hainan Haiqi Transpo |
Anhui Deli and Hainan Haiqi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Deli and Hainan Haiqi
The main advantage of trading using opposite Anhui Deli and Hainan Haiqi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Deli 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.| Anhui Deli vs. Industrial and Commercial | Anhui Deli vs. China Construction Bank | Anhui Deli vs. Agricultural Bank of | Anhui Deli vs. Bank of China |
| Hainan Haiqi vs. Ming Yang Smart | Hainan Haiqi vs. 159681 | Hainan Haiqi vs. 159005 | Hainan Haiqi vs. Loctek Ergonomic Technology |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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