Correlation Between Hubei Yingtong and Kailong High
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By analyzing existing cross correlation between Hubei Yingtong Telecommunication and Kailong High Technology, you can compare the effects of market volatilities on Hubei Yingtong and Kailong High 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 Kailong High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hubei Yingtong and Kailong High.
Diversification Opportunities for Hubei Yingtong and Kailong High
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Hubei and Kailong is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Hubei Yingtong Telecommunicati and Kailong High Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kailong High Technology 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 Kailong High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kailong High Technology has no effect on the direction of Hubei Yingtong i.e., Hubei Yingtong and Kailong High go up and down completely randomly.
Pair Corralation between Hubei Yingtong and Kailong High
Assuming the 90 days trading horizon Hubei Yingtong Telecommunication is expected to generate 1.92 times more return on investment than Kailong High. However, Hubei Yingtong is 1.92 times more volatile than Kailong High Technology. It trades about 0.24 of its potential returns per unit of risk. Kailong High Technology is currently generating about 0.08 per unit of risk. If you would invest 1,268 in Hubei Yingtong Telecommunication on November 2, 2024 and sell it today you would earn a total of 393.00 from holding Hubei Yingtong Telecommunication or generate 30.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hubei Yingtong Telecommunicati vs. Kailong High Technology
Performance |
| Timeline |
| Hubei Yingtong Telec |
| Kailong High Technology |
Hubei Yingtong and Kailong High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hubei Yingtong and Kailong High
The main advantage of trading using opposite Hubei Yingtong and Kailong High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hubei Yingtong position performs unexpectedly, Kailong High 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 Kailong High will offset losses from the drop in Kailong High's long position.| Hubei Yingtong vs. Hubei Geoway Investment | Hubei Yingtong vs. Sichuan Yahua Industrial | Hubei Yingtong vs. Zhengzhou Coal Mining | Hubei Yingtong vs. Luyin Investment Group |
| Kailong High vs. Tibet Huayu Mining | Kailong High vs. Zhengzhou Coal Mining | Kailong High vs. Citic Guoan Wine | Kailong High vs. Zhejiang Kingland Pipeline |
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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