Correlation Between HaiXin Foods and Anhui Tongguan
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By analyzing existing cross correlation between HaiXin Foods Co and Anhui Tongguan Copper, you can compare the effects of market volatilities on HaiXin Foods and Anhui Tongguan 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 Tongguan. Check out your portfolio center. Please also check ongoing floating volatility patterns of HaiXin Foods and Anhui Tongguan.
Diversification Opportunities for HaiXin Foods and Anhui Tongguan
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between HaiXin and Anhui is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding HaiXin Foods Co and Anhui Tongguan Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Tongguan Copper 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 Tongguan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Tongguan Copper has no effect on the direction of HaiXin Foods i.e., HaiXin Foods and Anhui Tongguan go up and down completely randomly.
Pair Corralation between HaiXin Foods and Anhui Tongguan
Assuming the 90 days trading horizon HaiXin Foods Co is expected to under-perform the Anhui Tongguan. But the stock apears to be less risky and, when comparing its historical volatility, HaiXin Foods Co is 1.07 times less risky than Anhui Tongguan. The stock trades about -0.26 of its potential returns per unit of risk. The Anhui Tongguan Copper is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 1,055 in Anhui Tongguan Copper on November 3, 2024 and sell it today you would lose (9.00) from holding Anhui Tongguan Copper or give up 0.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HaiXin Foods Co vs. Anhui Tongguan Copper
Performance |
| Timeline |
| HaiXin Foods |
| Anhui Tongguan Copper |
HaiXin Foods and Anhui Tongguan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HaiXin Foods and Anhui Tongguan
The main advantage of trading using opposite HaiXin Foods and Anhui Tongguan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HaiXin Foods position performs unexpectedly, Anhui Tongguan 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 Tongguan will offset losses from the drop in Anhui Tongguan's long position.| HaiXin Foods vs. Ingenic Semiconductor | HaiXin Foods vs. GRINM Semiconductor Materials | HaiXin Foods vs. Guangxi Wuzhou Communications | HaiXin Foods vs. Hua Hong Semiconductor |
| Anhui Tongguan vs. Nanjing Putian Telecommunications | Anhui Tongguan vs. Cloud Live Technology | Anhui Tongguan vs. Shenzhen Coship Electronics | Anhui Tongguan vs. Shenzhen Hifuture Electric |
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 Stocks Directory module to find actively traded stocks across global markets.
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