Correlation Between Guangzhou Jinyi and Huaxia Fund
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By analyzing existing cross correlation between Guangzhou Jinyi Media and Huaxia Fund Management, you can compare the effects of market volatilities on Guangzhou Jinyi and Huaxia Fund 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 Guangzhou Jinyi with a short position of Huaxia Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Jinyi and Huaxia Fund.
Diversification Opportunities for Guangzhou Jinyi and Huaxia Fund
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Guangzhou and Huaxia is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Jinyi Media and Huaxia Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Huaxia Fund Management and Guangzhou Jinyi 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 Guangzhou Jinyi Media are associated (or correlated) with Huaxia Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huaxia Fund Management has no effect on the direction of Guangzhou Jinyi i.e., Guangzhou Jinyi and Huaxia Fund go up and down completely randomly.
Pair Corralation between Guangzhou Jinyi and Huaxia Fund
Assuming the 90 days trading horizon Guangzhou Jinyi Media is expected to generate 3.52 times more return on investment than Huaxia Fund. However, Guangzhou Jinyi is 3.52 times more volatile than Huaxia Fund Management. It trades about 0.16 of its potential returns per unit of risk. Huaxia Fund Management is currently generating about 0.17 per unit of risk. If you would invest 666.00 in Guangzhou Jinyi Media on September 1, 2024 and sell it today you would earn a total of 79.00 from holding Guangzhou Jinyi Media or generate 11.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Jinyi Media vs. Huaxia Fund Management
Performance |
| Timeline |
| Guangzhou Jinyi Media |
| Huaxia Fund Management |
Guangzhou Jinyi and Huaxia Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Jinyi and Huaxia Fund
The main advantage of trading using opposite Guangzhou Jinyi and Huaxia Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Jinyi position performs unexpectedly, Huaxia Fund 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 Huaxia Fund will offset losses from the drop in Huaxia Fund's long position.| Guangzhou Jinyi vs. GreenTech Environmental Co | Guangzhou Jinyi vs. Changjiang Jinggong Steel | Guangzhou Jinyi vs. Hunan TV Broadcast | Guangzhou Jinyi vs. Dongjiang Environmental Co |
| Huaxia Fund vs. Industrial and Commercial | Huaxia Fund vs. Kweichow Moutai Co | Huaxia Fund vs. Agricultural Bank of | Huaxia Fund vs. China Mobile Limited |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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