Correlation Between HaiXin Foods and Ye Chiu
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By analyzing existing cross correlation between HaiXin Foods Co and Ye Chiu Metal, you can compare the effects of market volatilities on HaiXin Foods and Ye Chiu 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 Ye Chiu. Check out your portfolio center. Please also check ongoing floating volatility patterns of HaiXin Foods and Ye Chiu.
Diversification Opportunities for HaiXin Foods and Ye Chiu
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HaiXin and 601388 is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding HaiXin Foods Co and Ye Chiu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ye Chiu Metal 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 Ye Chiu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ye Chiu Metal has no effect on the direction of HaiXin Foods i.e., HaiXin Foods and Ye Chiu go up and down completely randomly.
Pair Corralation between HaiXin Foods and Ye Chiu
Assuming the 90 days trading horizon HaiXin Foods Co is expected to generate 2.53 times more return on investment than Ye Chiu. However, HaiXin Foods is 2.53 times more volatile than Ye Chiu Metal. It trades about -0.12 of its potential returns per unit of risk. Ye Chiu Metal is currently generating about -0.34 per unit of risk. If you would invest 456.00 in HaiXin Foods Co on October 25, 2024 and sell it today you would lose (49.00) from holding HaiXin Foods Co or give up 10.75% 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. Ye Chiu Metal
Performance |
| Timeline |
| HaiXin Foods |
| Ye Chiu Metal |
HaiXin Foods and Ye Chiu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HaiXin Foods and Ye Chiu
The main advantage of trading using opposite HaiXin Foods and Ye Chiu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HaiXin Foods position performs unexpectedly, Ye Chiu 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 Ye Chiu will offset losses from the drop in Ye Chiu's long position.| HaiXin Foods vs. Tibet Huayu Mining | HaiXin Foods vs. Western Mining Co | HaiXin Foods vs. Shenzhen Silver Basis | HaiXin Foods vs. Gansu Huangtai Wine marketing |
| Ye Chiu vs. Zijin Mining Group | Ye Chiu vs. Wanhua Chemical Group | Ye Chiu vs. Baoshan Iron Steel | Ye Chiu vs. Rongsheng Petrochemical 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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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