Correlation Between Shanghai Yaoji and Harvest Fund
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By analyzing existing cross correlation between Shanghai Yaoji Playing and Harvest Fund Management, you can compare the effects of market volatilities on Shanghai Yaoji and Harvest Fund 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 Shanghai Yaoji with a short position of Harvest Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Yaoji and Harvest Fund.
Diversification Opportunities for Shanghai Yaoji and Harvest Fund
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shanghai and Harvest is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Yaoji Playing and Harvest Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harvest Fund Management and Shanghai Yaoji 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 Shanghai Yaoji Playing are associated (or correlated) with Harvest Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harvest Fund Management has no effect on the direction of Shanghai Yaoji i.e., Shanghai Yaoji and Harvest Fund go up and down completely randomly.
Pair Corralation between Shanghai Yaoji and Harvest Fund
Assuming the 90 days trading horizon Shanghai Yaoji Playing is expected to under-perform the Harvest Fund. In addition to that, Shanghai Yaoji is 1.64 times more volatile than Harvest Fund Management. It trades about -0.47 of its total potential returns per unit of risk. Harvest Fund Management is currently generating about 0.63 per unit of volatility. If you would invest 261.00 in Harvest Fund Management on October 12, 2024 and sell it today you would earn a total of 71.00 from holding Harvest Fund Management or generate 27.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Yaoji Playing vs. Harvest Fund Management
Performance |
| Timeline |
| Shanghai Yaoji Playing |
| Harvest Fund Management |
Shanghai Yaoji and Harvest Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Yaoji and Harvest Fund
The main advantage of trading using opposite Shanghai Yaoji and Harvest Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Yaoji position performs unexpectedly, Harvest Fund 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 Harvest Fund will offset losses from the drop in Harvest Fund's long position.| Shanghai Yaoji vs. Anhui Jinhe Industrial | Shanghai Yaoji vs. Pengxin International Mining | Shanghai Yaoji vs. Jilin Chemical Fibre | Shanghai Yaoji vs. Suzhou Industrial Park |
| Harvest Fund vs. Runjian Communication Co | Harvest Fund vs. Allwin Telecommunication Co | Harvest Fund vs. Eastern Communications Co | Harvest Fund vs. TianJin 712 Communication |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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