Correlation Between HaiXin Foods and Shenzhen Inovance
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By analyzing existing cross correlation between HaiXin Foods Co and Shenzhen Inovance Tech, you can compare the effects of market volatilities on HaiXin Foods and Shenzhen Inovance 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 Inovance. Check out your portfolio center. Please also check ongoing floating volatility patterns of HaiXin Foods and Shenzhen Inovance.
Diversification Opportunities for HaiXin Foods and Shenzhen Inovance
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between HaiXin and Shenzhen is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding HaiXin Foods Co and Shenzhen Inovance Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Inovance Tech 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 Inovance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Inovance Tech has no effect on the direction of HaiXin Foods i.e., HaiXin Foods and Shenzhen Inovance go up and down completely randomly.
Pair Corralation between HaiXin Foods and Shenzhen Inovance
If you would invest (100.00) in Shenzhen Inovance Tech on October 30, 2024 and sell it today you would earn a total of 100.00 from holding Shenzhen Inovance Tech or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 0.0% |
| Values | Daily Returns |
HaiXin Foods Co vs. Shenzhen Inovance Tech
Performance |
| Timeline |
| HaiXin Foods |
| Shenzhen Inovance Tech |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Modest
HaiXin Foods and Shenzhen Inovance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HaiXin Foods and Shenzhen Inovance
The main advantage of trading using opposite HaiXin Foods and Shenzhen Inovance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HaiXin Foods position performs unexpectedly, Shenzhen Inovance 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 Inovance will offset losses from the drop in Shenzhen Inovance's long position.| HaiXin Foods vs. Shandong Sinoglory Health | HaiXin Foods vs. Anhui Huaheng Biotechnology | HaiXin Foods vs. Jiangsu GDK Biotechnology | HaiXin Foods vs. Heren Health Co |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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