Correlation Between HaiXin Foods and Kingclean Electric
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By analyzing existing cross correlation between HaiXin Foods Co and Kingclean Electric Co, you can compare the effects of market volatilities on HaiXin Foods and Kingclean Electric 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 Kingclean Electric. Check out your portfolio center. Please also check ongoing floating volatility patterns of HaiXin Foods and Kingclean Electric.
Diversification Opportunities for HaiXin Foods and Kingclean Electric
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HaiXin and Kingclean is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding HaiXin Foods Co and Kingclean Electric Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingclean Electric 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 Kingclean Electric. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingclean Electric has no effect on the direction of HaiXin Foods i.e., HaiXin Foods and Kingclean Electric go up and down completely randomly.
Pair Corralation between HaiXin Foods and Kingclean Electric
Assuming the 90 days trading horizon HaiXin Foods Co is expected to generate 1.27 times more return on investment than Kingclean Electric. However, HaiXin Foods is 1.27 times more volatile than Kingclean Electric Co. It trades about 0.0 of its potential returns per unit of risk. Kingclean Electric Co is currently generating about -0.01 per unit of risk. If you would invest 648.00 in HaiXin Foods Co on September 12, 2024 and sell it today you would lose (112.00) from holding HaiXin Foods Co or give up 17.28% 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. Kingclean Electric Co
Performance |
| Timeline |
| HaiXin Foods |
| Kingclean Electric |
HaiXin Foods and Kingclean Electric Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HaiXin Foods and Kingclean Electric
The main advantage of trading using opposite HaiXin Foods and Kingclean Electric positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HaiXin Foods position performs unexpectedly, Kingclean Electric 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 Kingclean Electric will offset losses from the drop in Kingclean Electric's long position.| HaiXin Foods vs. China Petroleum Chemical | HaiXin Foods vs. PetroChina Co Ltd | HaiXin Foods vs. China State Construction | HaiXin Foods vs. China Railway Group |
| Kingclean Electric vs. HaiXin Foods Co | Kingclean Electric vs. Cicc Fund Management | Kingclean Electric vs. Shanghai Ziyan Foods | Kingclean Electric vs. Ligao Foods CoLtd |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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