Correlation Between Haoxiangni Jujube and Semiconductor Manufacturing
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By analyzing existing cross correlation between Haoxiangni Jujube Co and Semiconductor Manufacturing Intl, you can compare the effects of market volatilities on Haoxiangni Jujube and Semiconductor Manufacturing 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 Semiconductor Manufacturing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haoxiangni Jujube and Semiconductor Manufacturing.
Diversification Opportunities for Haoxiangni Jujube and Semiconductor Manufacturing
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Haoxiangni and Semiconductor is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Haoxiangni Jujube Co and Semiconductor Manufacturing In in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Semiconductor Manufacturing 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 Semiconductor Manufacturing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Semiconductor Manufacturing has no effect on the direction of Haoxiangni Jujube i.e., Haoxiangni Jujube and Semiconductor Manufacturing go up and down completely randomly.
Pair Corralation between Haoxiangni Jujube and Semiconductor Manufacturing
Assuming the 90 days trading horizon Haoxiangni Jujube Co is expected to generate 2.5 times more return on investment than Semiconductor Manufacturing. However, Haoxiangni Jujube is 2.5 times more volatile than Semiconductor Manufacturing Intl. It trades about 0.16 of its potential returns per unit of risk. Semiconductor Manufacturing Intl is currently generating about 0.02 per unit of risk. If you would invest 849.00 in Haoxiangni Jujube Co on October 28, 2024 and sell it today you would earn a total of 187.00 from holding Haoxiangni Jujube Co or generate 22.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haoxiangni Jujube Co vs. Semiconductor Manufacturing In
Performance |
| Timeline |
| Haoxiangni Jujube |
| Semiconductor Manufacturing |
Haoxiangni Jujube and Semiconductor Manufacturing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haoxiangni Jujube and Semiconductor Manufacturing
The main advantage of trading using opposite Haoxiangni Jujube and Semiconductor Manufacturing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haoxiangni Jujube position performs unexpectedly, Semiconductor Manufacturing 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 Semiconductor Manufacturing will offset losses from the drop in Semiconductor Manufacturing's long position.| Haoxiangni Jujube vs. Shenwu Energy Saving | Haoxiangni Jujube vs. Shenzhen Noposion Agrochemicals | Haoxiangni Jujube vs. Cansino Biologics | Haoxiangni Jujube vs. Unisplendour Corp |
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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