Correlation Between Hubei Yingtong and Tianshan Aluminum
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hubei Yingtong Telecommunication and Tianshan Aluminum Group, you can compare the effects of market volatilities on Hubei Yingtong and Tianshan Aluminum 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 Hubei Yingtong with a short position of Tianshan Aluminum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hubei Yingtong and Tianshan Aluminum.
Diversification Opportunities for Hubei Yingtong and Tianshan Aluminum
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Hubei and Tianshan is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Hubei Yingtong Telecommunicati and Tianshan Aluminum Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianshan Aluminum and Hubei Yingtong 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 Hubei Yingtong Telecommunication are associated (or correlated) with Tianshan Aluminum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianshan Aluminum has no effect on the direction of Hubei Yingtong i.e., Hubei Yingtong and Tianshan Aluminum go up and down completely randomly.
Pair Corralation between Hubei Yingtong and Tianshan Aluminum
Assuming the 90 days trading horizon Hubei Yingtong Telecommunication is expected to generate 1.9 times more return on investment than Tianshan Aluminum. However, Hubei Yingtong is 1.9 times more volatile than Tianshan Aluminum Group. It trades about 0.04 of its potential returns per unit of risk. Tianshan Aluminum Group is currently generating about 0.02 per unit of risk. If you would invest 1,220 in Hubei Yingtong Telecommunication on November 2, 2024 and sell it today you would earn a total of 441.00 from holding Hubei Yingtong Telecommunication or generate 36.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hubei Yingtong Telecommunicati vs. Tianshan Aluminum Group
Performance |
| Timeline |
| Hubei Yingtong Telec |
| Tianshan Aluminum |
Hubei Yingtong and Tianshan Aluminum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hubei Yingtong and Tianshan Aluminum
The main advantage of trading using opposite Hubei Yingtong and Tianshan Aluminum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hubei Yingtong position performs unexpectedly, Tianshan Aluminum 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 Tianshan Aluminum will offset losses from the drop in Tianshan Aluminum's long position.| Hubei Yingtong vs. Techshine Electronics Co | Hubei Yingtong vs. Yili Chuanning Biotechnology | Hubei Yingtong vs. YiDong Electronics Technology | Hubei Yingtong vs. Shanghai Rightongene Biotechnology |
| Tianshan Aluminum vs. Shengda Mining Co | Tianshan Aluminum vs. Changjiang Publishing Media | Tianshan Aluminum vs. Xinjiang Baodi Mining | Tianshan Aluminum vs. Pengxin International Mining |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |