Correlation Between Haoxiangni Jujube and Guangzhou Hangxin
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By analyzing existing cross correlation between Haoxiangni Jujube Co and Guangzhou Hangxin Aviation, you can compare the effects of market volatilities on Haoxiangni Jujube and Guangzhou Hangxin 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 Guangzhou Hangxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haoxiangni Jujube and Guangzhou Hangxin.
Diversification Opportunities for Haoxiangni Jujube and Guangzhou Hangxin
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Haoxiangni and Guangzhou is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Haoxiangni Jujube Co and Guangzhou Hangxin Aviation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Hangxin 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 Guangzhou Hangxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Hangxin has no effect on the direction of Haoxiangni Jujube i.e., Haoxiangni Jujube and Guangzhou Hangxin go up and down completely randomly.
Pair Corralation between Haoxiangni Jujube and Guangzhou Hangxin
Assuming the 90 days trading horizon Haoxiangni Jujube Co is expected to generate 2.39 times more return on investment than Guangzhou Hangxin. However, Haoxiangni Jujube is 2.39 times more volatile than Guangzhou Hangxin Aviation. It trades about 0.05 of its potential returns per unit of risk. Guangzhou Hangxin Aviation is currently generating about -0.2 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 Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haoxiangni Jujube Co vs. Guangzhou Hangxin Aviation
Performance |
| Timeline |
| Haoxiangni Jujube |
| Guangzhou Hangxin |
Haoxiangni Jujube and Guangzhou Hangxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haoxiangni Jujube and Guangzhou Hangxin
The main advantage of trading using opposite Haoxiangni Jujube and Guangzhou Hangxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haoxiangni Jujube position performs unexpectedly, Guangzhou Hangxin 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 Guangzhou Hangxin will offset losses from the drop in Guangzhou Hangxin'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 |
| Guangzhou Hangxin vs. HeNan Splendor Science | Guangzhou Hangxin vs. Elite Color Environmental | Guangzhou Hangxin vs. GRG Banking Equipment | Guangzhou Hangxin vs. Shenwu Energy Saving |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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