Correlation Between HaiXin Foods and Shandong Publishing
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By analyzing existing cross correlation between HaiXin Foods Co and Shandong Publishing Media, you can compare the effects of market volatilities on HaiXin Foods and Shandong Publishing 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 Shandong Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of HaiXin Foods and Shandong Publishing.
Diversification Opportunities for HaiXin Foods and Shandong Publishing
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HaiXin and Shandong is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding HaiXin Foods Co and Shandong Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Publishing Media 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 Shandong Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Publishing Media has no effect on the direction of HaiXin Foods i.e., HaiXin Foods and Shandong Publishing go up and down completely randomly.
Pair Corralation between HaiXin Foods and Shandong Publishing
Assuming the 90 days trading horizon HaiXin Foods Co is expected to generate 1.47 times more return on investment than Shandong Publishing. However, HaiXin Foods is 1.47 times more volatile than Shandong Publishing Media. It trades about 0.07 of its potential returns per unit of risk. Shandong Publishing Media is currently generating about -0.01 per unit of risk. If you would invest 337.00 in HaiXin Foods Co on October 18, 2024 and sell it today you would earn a total of 95.00 from holding HaiXin Foods Co or generate 28.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HaiXin Foods Co vs. Shandong Publishing Media
Performance |
| Timeline |
| HaiXin Foods |
| Shandong Publishing Media |
HaiXin Foods and Shandong Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HaiXin Foods and Shandong Publishing
The main advantage of trading using opposite HaiXin Foods and Shandong Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HaiXin Foods position performs unexpectedly, Shandong Publishing 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 Shandong Publishing will offset losses from the drop in Shandong Publishing's long position.| HaiXin Foods vs. Ping An Insurance | HaiXin Foods vs. Shanghai Yanpu Metal | HaiXin Foods vs. Western Metal Materials | HaiXin Foods vs. Chengtun Mining Group |
| Shandong Publishing vs. Spring Airlines Co | Shandong Publishing vs. Guilin Seamild Foods | Shandong Publishing vs. HaiXin Foods Co | Shandong Publishing vs. Beijing Sanyuan 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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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