Correlation Between HaiXin Foods and Wonders Information
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By analyzing existing cross correlation between HaiXin Foods Co and Wonders Information, you can compare the effects of market volatilities on HaiXin Foods and Wonders Information 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 Wonders Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of HaiXin Foods and Wonders Information.
Diversification Opportunities for HaiXin Foods and Wonders Information
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HaiXin and Wonders is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding HaiXin Foods Co and Wonders Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wonders Information 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 Wonders Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wonders Information has no effect on the direction of HaiXin Foods i.e., HaiXin Foods and Wonders Information go up and down completely randomly.
Pair Corralation between HaiXin Foods and Wonders Information
Assuming the 90 days trading horizon HaiXin Foods Co is expected to under-perform the Wonders Information. In addition to that, HaiXin Foods is 1.44 times more volatile than Wonders Information. It trades about -0.3 of its total potential returns per unit of risk. Wonders Information is currently generating about -0.25 per unit of volatility. If you would invest 878.00 in Wonders Information on October 18, 2024 and sell it today you would lose (149.00) from holding Wonders Information or give up 16.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HaiXin Foods Co vs. Wonders Information
Performance |
| Timeline |
| HaiXin Foods |
| Wonders Information |
HaiXin Foods and Wonders Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HaiXin Foods and Wonders Information
The main advantage of trading using opposite HaiXin Foods and Wonders Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HaiXin Foods position performs unexpectedly, Wonders Information 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 Wonders Information will offset losses from the drop in Wonders Information's long position.| HaiXin Foods vs. Harbin Air Conditioning | HaiXin Foods vs. Chengdu Xingrong Investment | HaiXin Foods vs. Jiangsu Yueda Investment | HaiXin Foods vs. Fuzhou Rockchip Electronics |
| Wonders Information vs. Zhongrun Resources Investment | Wonders Information vs. Kunwu Jiuding Investment | Wonders Information vs. Ningbo Ligong Online | Wonders Information vs. Vanfund Urban Investment |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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