Correlation Between Haoxiangni Jujube and Shenzhen MYS
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By analyzing existing cross correlation between Haoxiangni Jujube Co and Shenzhen MYS Environmental, you can compare the effects of market volatilities on Haoxiangni Jujube and Shenzhen MYS 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 Shenzhen MYS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haoxiangni Jujube and Shenzhen MYS.
Diversification Opportunities for Haoxiangni Jujube and Shenzhen MYS
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Haoxiangni and Shenzhen is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Haoxiangni Jujube Co and Shenzhen MYS Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen MYS Environ 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 Shenzhen MYS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen MYS Environ has no effect on the direction of Haoxiangni Jujube i.e., Haoxiangni Jujube and Shenzhen MYS go up and down completely randomly.
Pair Corralation between Haoxiangni Jujube and Shenzhen MYS
Assuming the 90 days trading horizon Haoxiangni Jujube Co is expected to generate 2.74 times more return on investment than Shenzhen MYS. However, Haoxiangni Jujube is 2.74 times more volatile than Shenzhen MYS Environmental. It trades about 0.05 of its potential returns per unit of risk. Shenzhen MYS Environmental is currently generating about -0.06 per unit of risk. If you would invest 911.00 in Haoxiangni Jujube Co on November 3, 2024 and sell it today you would earn a total of 21.00 from holding Haoxiangni Jujube Co or generate 2.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haoxiangni Jujube Co vs. Shenzhen MYS Environmental
Performance |
| Timeline |
| Haoxiangni Jujube |
| Shenzhen MYS Environ |
Haoxiangni Jujube and Shenzhen MYS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haoxiangni Jujube and Shenzhen MYS
The main advantage of trading using opposite Haoxiangni Jujube and Shenzhen MYS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haoxiangni Jujube position performs unexpectedly, Shenzhen MYS 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 Shenzhen MYS will offset losses from the drop in Shenzhen MYS's long position.| Haoxiangni Jujube vs. Jiangsu Phoenix Publishing | Haoxiangni Jujube vs. Zhejiang Publishing Media | Haoxiangni Jujube vs. Beijing Yanjing Brewery | Haoxiangni Jujube vs. Caihong Display Devices |
| Shenzhen MYS vs. Zijin Mining Group | Shenzhen MYS vs. Wanhua Chemical Group | Shenzhen MYS vs. Baoshan Iron Steel | Shenzhen MYS vs. Shandong Gold Mining |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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