Correlation Between Haoxiangni Jujube and Henan Lantian
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By analyzing existing cross correlation between Haoxiangni Jujube Co and Henan Lantian Gas, you can compare the effects of market volatilities on Haoxiangni Jujube and Henan Lantian 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 Henan Lantian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haoxiangni Jujube and Henan Lantian.
Diversification Opportunities for Haoxiangni Jujube and Henan Lantian
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Haoxiangni and Henan is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Haoxiangni Jujube Co and Henan Lantian Gas in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Henan Lantian Gas 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 Henan Lantian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Henan Lantian Gas has no effect on the direction of Haoxiangni Jujube i.e., Haoxiangni Jujube and Henan Lantian go up and down completely randomly.
Pair Corralation between Haoxiangni Jujube and Henan Lantian
Assuming the 90 days trading horizon Haoxiangni Jujube Co is expected to generate 2.4 times more return on investment than Henan Lantian. However, Haoxiangni Jujube is 2.4 times more volatile than Henan Lantian Gas. It trades about 0.16 of its potential returns per unit of risk. Henan Lantian Gas is currently generating about -0.08 per unit of risk. If you would invest 458.00 in Haoxiangni Jujube Co on October 22, 2024 and sell it today you would earn a total of 510.00 from holding Haoxiangni Jujube Co or generate 111.35% 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. Henan Lantian Gas
Performance |
| Timeline |
| Haoxiangni Jujube |
| Henan Lantian Gas |
Haoxiangni Jujube and Henan Lantian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haoxiangni Jujube and Henan Lantian
The main advantage of trading using opposite Haoxiangni Jujube and Henan Lantian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haoxiangni Jujube position performs unexpectedly, Henan Lantian 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 Henan Lantian will offset losses from the drop in Henan Lantian's long position.| Haoxiangni Jujube vs. Cangzhou Mingzhu Plastic | Haoxiangni Jujube vs. Nexchip Semiconductor Corp | Haoxiangni Jujube vs. StarPower Semiconductor | Haoxiangni Jujube vs. GRIPM Advanced Materials |
| Henan Lantian vs. Sunny Loan Top | Henan Lantian vs. Chison Medical Technologies | Henan Lantian vs. Innovative Medical Management | Henan Lantian vs. Shenzhen Glory Medical |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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