Correlation Between HaiXin Foods and Gemdale Corp
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By analyzing existing cross correlation between HaiXin Foods Co and Gemdale Corp, you can compare the effects of market volatilities on HaiXin Foods and Gemdale Corp 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 Gemdale Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of HaiXin Foods and Gemdale Corp.
Diversification Opportunities for HaiXin Foods and Gemdale Corp
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between HaiXin and Gemdale is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding HaiXin Foods Co and Gemdale Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gemdale Corp 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 Gemdale Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gemdale Corp has no effect on the direction of HaiXin Foods i.e., HaiXin Foods and Gemdale Corp go up and down completely randomly.
Pair Corralation between HaiXin Foods and Gemdale Corp
Assuming the 90 days trading horizon HaiXin Foods Co is expected to generate 1.16 times more return on investment than Gemdale Corp. However, HaiXin Foods is 1.16 times more volatile than Gemdale Corp. It trades about 0.13 of its potential returns per unit of risk. Gemdale Corp is currently generating about 0.08 per unit of risk. If you would invest 298.00 in HaiXin Foods Co on October 18, 2024 and sell it today you would earn a total of 134.00 from holding HaiXin Foods Co or generate 44.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HaiXin Foods Co vs. Gemdale Corp
Performance |
| Timeline |
| HaiXin Foods |
| Gemdale Corp |
HaiXin Foods and Gemdale Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HaiXin Foods and Gemdale Corp
The main advantage of trading using opposite HaiXin Foods and Gemdale Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HaiXin Foods position performs unexpectedly, Gemdale Corp 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 Gemdale Corp will offset losses from the drop in Gemdale Corp'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 |
| Gemdale Corp vs. HaiXin Foods Co | Gemdale Corp vs. Beijing Sanyuan Foods | Gemdale Corp vs. Hainan Haiqi Transportation | Gemdale Corp vs. Qingdao Foods 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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