Correlation Between HaiXin Foods and Shanghai Action
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By analyzing existing cross correlation between HaiXin Foods Co and Shanghai Action Education, you can compare the effects of market volatilities on HaiXin Foods and Shanghai Action 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 Shanghai Action. Check out your portfolio center. Please also check ongoing floating volatility patterns of HaiXin Foods and Shanghai Action.
Diversification Opportunities for HaiXin Foods and Shanghai Action
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HaiXin and Shanghai is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding HaiXin Foods Co and Shanghai Action Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Action Education 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 Shanghai Action. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Action Education has no effect on the direction of HaiXin Foods i.e., HaiXin Foods and Shanghai Action go up and down completely randomly.
Pair Corralation between HaiXin Foods and Shanghai Action
Assuming the 90 days trading horizon HaiXin Foods Co is expected to under-perform the Shanghai Action. But the stock apears to be less risky and, when comparing its historical volatility, HaiXin Foods Co is 1.02 times less risky than Shanghai Action. The stock trades about 0.0 of its potential returns per unit of risk. The Shanghai Action Education is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 2,541 in Shanghai Action Education on September 12, 2024 and sell it today you would earn a total of 1,112 from holding Shanghai Action Education or generate 43.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HaiXin Foods Co vs. Shanghai Action Education
Performance |
| Timeline |
| HaiXin Foods |
| Shanghai Action Education |
HaiXin Foods and Shanghai Action Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HaiXin Foods and Shanghai Action
The main advantage of trading using opposite HaiXin Foods and Shanghai Action positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HaiXin Foods position performs unexpectedly, Shanghai Action 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 Shanghai Action will offset losses from the drop in Shanghai Action'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 |
| Shanghai Action vs. Lutian Machinery Co | Shanghai Action vs. PetroChina Co Ltd | Shanghai Action vs. Bank of China | Shanghai Action vs. Gansu Jiu Steel |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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