Correlation Between HaiXin Foods and Anhui Shiny
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By analyzing existing cross correlation between HaiXin Foods Co and Anhui Shiny Electronic, you can compare the effects of market volatilities on HaiXin Foods and Anhui Shiny 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 Anhui Shiny. Check out your portfolio center. Please also check ongoing floating volatility patterns of HaiXin Foods and Anhui Shiny.
Diversification Opportunities for HaiXin Foods and Anhui Shiny
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between HaiXin and Anhui is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding HaiXin Foods Co and Anhui Shiny Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Shiny Electronic 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 Anhui Shiny. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Shiny Electronic has no effect on the direction of HaiXin Foods i.e., HaiXin Foods and Anhui Shiny go up and down completely randomly.
Pair Corralation between HaiXin Foods and Anhui Shiny
Assuming the 90 days trading horizon HaiXin Foods Co is expected to generate 1.24 times more return on investment than Anhui Shiny. However, HaiXin Foods is 1.24 times more volatile than Anhui Shiny Electronic. It trades about 0.07 of its potential returns per unit of risk. Anhui Shiny Electronic is currently generating about 0.06 per unit of risk. If you would invest 356.00 in HaiXin Foods Co on October 14, 2024 and sell it today you would earn a total of 49.00 from holding HaiXin Foods Co or generate 13.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HaiXin Foods Co vs. Anhui Shiny Electronic
Performance |
| Timeline |
| HaiXin Foods |
| Anhui Shiny Electronic |
HaiXin Foods and Anhui Shiny Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HaiXin Foods and Anhui Shiny
The main advantage of trading using opposite HaiXin Foods and Anhui Shiny positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HaiXin Foods position performs unexpectedly, Anhui Shiny 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 Anhui Shiny will offset losses from the drop in Anhui Shiny'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 |
| Anhui Shiny vs. Shenzhen SDG Information | Anhui Shiny vs. HaiXin Foods Co | Anhui Shiny vs. V V Food | Anhui Shiny vs. Shanghai Ziyan Foods |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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