Correlation Between Haoxiangni Jujube and Glodon Software
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By analyzing existing cross correlation between Haoxiangni Jujube Co and Glodon Software Co, you can compare the effects of market volatilities on Haoxiangni Jujube and Glodon Software 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 Glodon Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haoxiangni Jujube and Glodon Software.
Diversification Opportunities for Haoxiangni Jujube and Glodon Software
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Haoxiangni and Glodon is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Haoxiangni Jujube Co and Glodon Software Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Glodon Software 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 Glodon Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Glodon Software has no effect on the direction of Haoxiangni Jujube i.e., Haoxiangni Jujube and Glodon Software go up and down completely randomly.
Pair Corralation between Haoxiangni Jujube and Glodon Software
Assuming the 90 days trading horizon Haoxiangni Jujube Co is expected to generate 2.49 times more return on investment than Glodon Software. However, Haoxiangni Jujube is 2.49 times more volatile than Glodon Software Co. It trades about 0.12 of its potential returns per unit of risk. Glodon Software Co is currently generating about -0.12 per unit of risk. If you would invest 682.00 in Haoxiangni Jujube Co on November 7, 2024 and sell it today you would earn a total of 250.00 from holding Haoxiangni Jujube Co or generate 36.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haoxiangni Jujube Co vs. Glodon Software Co
Performance |
| Timeline |
| Haoxiangni Jujube |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
| Glodon Software |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Haoxiangni Jujube and Glodon Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haoxiangni Jujube and Glodon Software
The main advantage of trading using opposite Haoxiangni Jujube and Glodon Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haoxiangni Jujube position performs unexpectedly, Glodon Software 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 Glodon Software will offset losses from the drop in Glodon Software's long position.The idea behind Haoxiangni Jujube Co and Glodon Software Co pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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