Correlation Between Haoxiangni Jujube and Hangzhou Guotai
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By analyzing existing cross correlation between Haoxiangni Jujube Co and Hangzhou Guotai Environmental, you can compare the effects of market volatilities on Haoxiangni Jujube and Hangzhou Guotai 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 Hangzhou Guotai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haoxiangni Jujube and Hangzhou Guotai.
Diversification Opportunities for Haoxiangni Jujube and Hangzhou Guotai
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Haoxiangni and Hangzhou is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Haoxiangni Jujube Co and Hangzhou Guotai Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Guotai Envi 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 Hangzhou Guotai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Guotai Envi has no effect on the direction of Haoxiangni Jujube i.e., Haoxiangni Jujube and Hangzhou Guotai go up and down completely randomly.
Pair Corralation between Haoxiangni Jujube and Hangzhou Guotai
Assuming the 90 days trading horizon Haoxiangni Jujube Co is expected to generate 2.76 times more return on investment than Hangzhou Guotai. However, Haoxiangni Jujube is 2.76 times more volatile than Hangzhou Guotai Environmental. It trades about 0.2 of its potential returns per unit of risk. Hangzhou Guotai Environmental is currently generating about 0.18 per unit of risk. If you would invest 816.00 in Haoxiangni Jujube Co on October 29, 2024 and sell it today you would earn a total of 220.00 from holding Haoxiangni Jujube Co or generate 26.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haoxiangni Jujube Co vs. Hangzhou Guotai Environmental
Performance |
| Timeline |
| Haoxiangni Jujube |
| Hangzhou Guotai Envi |
Haoxiangni Jujube and Hangzhou Guotai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haoxiangni Jujube and Hangzhou Guotai
The main advantage of trading using opposite Haoxiangni Jujube and Hangzhou Guotai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haoxiangni Jujube position performs unexpectedly, Hangzhou Guotai 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 Hangzhou Guotai will offset losses from the drop in Hangzhou Guotai's long position.| Haoxiangni Jujube vs. Glodon Software Co | Haoxiangni Jujube vs. Hangzhou Pinming Software | Haoxiangni Jujube vs. Heren Health Co | Haoxiangni Jujube vs. Humanwell Healthcare Group |
| Hangzhou Guotai vs. Guangzhou Zhujiang Brewery | Hangzhou Guotai vs. Chengdu Xingrong Investment | Hangzhou Guotai vs. Ningbo Fangzheng Automobile | Hangzhou Guotai vs. Xiamen Insight 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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