Correlation Between Haoxiangni Jujube and Shenwu Energy
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By analyzing existing cross correlation between Haoxiangni Jujube Co and Shenwu Energy Saving, you can compare the effects of market volatilities on Haoxiangni Jujube and Shenwu Energy 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 Haoxiangni Jujube with a short position of Shenwu Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haoxiangni Jujube and Shenwu Energy.
Diversification Opportunities for Haoxiangni Jujube and Shenwu Energy
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Haoxiangni and Shenwu is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Haoxiangni Jujube Co and Shenwu Energy Saving in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenwu Energy Saving and Haoxiangni Jujube 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 Haoxiangni Jujube Co are associated (or correlated) with Shenwu Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenwu Energy Saving has no effect on the direction of Haoxiangni Jujube i.e., Haoxiangni Jujube and Shenwu Energy go up and down completely randomly.
Pair Corralation between Haoxiangni Jujube and Shenwu Energy
Assuming the 90 days trading horizon Haoxiangni Jujube Co is expected to generate 1.23 times more return on investment than Shenwu Energy. However, Haoxiangni Jujube is 1.23 times more volatile than Shenwu Energy Saving. It trades about 0.13 of its potential returns per unit of risk. Shenwu Energy Saving is currently generating about 0.09 per unit of risk. If you would invest 851.00 in Haoxiangni Jujube Co on October 25, 2024 and sell it today you would earn a total of 139.00 from holding Haoxiangni Jujube Co or generate 16.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haoxiangni Jujube Co vs. Shenwu Energy Saving
Performance |
| Timeline |
| Haoxiangni Jujube |
| Shenwu Energy Saving |
Haoxiangni Jujube and Shenwu Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haoxiangni Jujube and Shenwu Energy
The main advantage of trading using opposite Haoxiangni Jujube and Shenwu Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haoxiangni Jujube position performs unexpectedly, Shenwu Energy 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 Shenwu Energy will offset losses from the drop in Shenwu Energy's long position.| Haoxiangni Jujube vs. Nanjing Putian Telecommunications | Haoxiangni Jujube vs. Shandong Sanyuan Biotechnology | Haoxiangni Jujube vs. Quectel Wireless Solutions | Haoxiangni Jujube vs. Dongfeng Automobile Co |
| Shenwu Energy vs. Kweichow Moutai Co | Shenwu Energy vs. Contemporary Amperex Technology | Shenwu Energy vs. Beijing Roborock Technology | Shenwu Energy vs. BYD Co Ltd |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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