Correlation Between HaiXin Foods and Shenzhen Hifuture
Specify exactly 2 symbols:
By analyzing existing cross correlation between HaiXin Foods Co and Shenzhen Hifuture Electric, you can compare the effects of market volatilities on HaiXin Foods and Shenzhen Hifuture 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 HaiXin Foods with a short position of Shenzhen Hifuture. Check out your portfolio center. Please also check ongoing floating volatility patterns of HaiXin Foods and Shenzhen Hifuture.
Diversification Opportunities for HaiXin Foods and Shenzhen Hifuture
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between HaiXin and Shenzhen is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding HaiXin Foods Co and Shenzhen Hifuture Electric in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Hifuture and HaiXin Foods 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 HaiXin Foods Co are associated (or correlated) with Shenzhen Hifuture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Hifuture has no effect on the direction of HaiXin Foods i.e., HaiXin Foods and Shenzhen Hifuture go up and down completely randomly.
Pair Corralation between HaiXin Foods and Shenzhen Hifuture
Assuming the 90 days trading horizon HaiXin Foods Co is expected to under-perform the Shenzhen Hifuture. In addition to that, HaiXin Foods is 1.55 times more volatile than Shenzhen Hifuture Electric. It trades about -0.4 of its total potential returns per unit of risk. Shenzhen Hifuture Electric is currently generating about -0.35 per unit of volatility. If you would invest 329.00 in Shenzhen Hifuture Electric on October 14, 2024 and sell it today you would lose (74.00) from holding Shenzhen Hifuture Electric or give up 22.49% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
HaiXin Foods Co vs. Shenzhen Hifuture Electric
Performance |
| Timeline |
| HaiXin Foods |
| Shenzhen Hifuture |
HaiXin Foods and Shenzhen Hifuture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HaiXin Foods and Shenzhen Hifuture
The main advantage of trading using opposite HaiXin Foods and Shenzhen Hifuture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HaiXin Foods position performs unexpectedly, Shenzhen Hifuture 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 Shenzhen Hifuture will offset losses from the drop in Shenzhen Hifuture's long position.| HaiXin Foods vs. Weihai Honglin Electronic | HaiXin Foods vs. Zhengzhou Coal Mining | HaiXin Foods vs. Beijing YanDong MicroElectronic | HaiXin Foods vs. TongFu Microelectronics Co |
| Shenzhen Hifuture vs. Tibet Huayu Mining | Shenzhen Hifuture vs. Great Sun Foods Co | Shenzhen Hifuture vs. HaiXin Foods Co | Shenzhen Hifuture vs. Pengxin International Mining |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |