Correlation Between Beijing SPC and Harvest Fund
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By analyzing existing cross correlation between Beijing SPC Environment and Harvest Fund Management, you can compare the effects of market volatilities on Beijing SPC 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 Beijing SPC with a short position of Harvest Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing SPC and Harvest Fund.
Diversification Opportunities for Beijing SPC and Harvest Fund
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Beijing and Harvest is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Beijing SPC Environment 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 Beijing SPC 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 Beijing SPC Environment 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 Beijing SPC i.e., Beijing SPC and Harvest Fund go up and down completely randomly.
Pair Corralation between Beijing SPC and Harvest Fund
Assuming the 90 days trading horizon Beijing SPC Environment is expected to generate 1.35 times more return on investment than Harvest Fund. However, Beijing SPC is 1.35 times more volatile than Harvest Fund Management. It trades about -0.03 of its potential returns per unit of risk. Harvest Fund Management is currently generating about -0.05 per unit of risk. If you would invest 547.00 in Beijing SPC Environment on August 30, 2024 and sell it today you would lose (130.00) from holding Beijing SPC Environment or give up 23.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 92.23% |
| Values | Daily Returns |
Beijing SPC Environment vs. Harvest Fund Management
Performance |
| Timeline |
| Beijing SPC Environment |
| Harvest Fund Management |
Beijing SPC and Harvest Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing SPC and Harvest Fund
The main advantage of trading using opposite Beijing SPC and Harvest Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing SPC 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.| Beijing SPC vs. PetroChina Co Ltd | Beijing SPC vs. China State Construction | Beijing SPC vs. China Mobile Limited | Beijing SPC vs. Industrial and Commercial |
| Harvest Fund vs. Industrial and Commercial | Harvest Fund vs. Kweichow Moutai Co | Harvest Fund vs. Agricultural Bank of | Harvest Fund vs. China Mobile Limited |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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