Correlation Between New Hope and Hangzhou Gisway
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By analyzing existing cross correlation between New Hope Dairy and Hangzhou Gisway Information, you can compare the effects of market volatilities on New Hope and Hangzhou Gisway 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 New Hope with a short position of Hangzhou Gisway. Check out your portfolio center. Please also check ongoing floating volatility patterns of New Hope and Hangzhou Gisway.
Diversification Opportunities for New Hope and Hangzhou Gisway
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between New and Hangzhou is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding New Hope Dairy and Hangzhou Gisway Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Gisway Info and New Hope 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 New Hope Dairy are associated (or correlated) with Hangzhou Gisway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Gisway Info has no effect on the direction of New Hope i.e., New Hope and Hangzhou Gisway go up and down completely randomly.
Pair Corralation between New Hope and Hangzhou Gisway
Assuming the 90 days trading horizon New Hope Dairy is expected to under-perform the Hangzhou Gisway. In addition to that, New Hope is 1.2 times more volatile than Hangzhou Gisway Information. It trades about -0.09 of its total potential returns per unit of risk. Hangzhou Gisway Information is currently generating about 0.43 per unit of volatility. If you would invest 3,110 in Hangzhou Gisway Information on November 27, 2024 and sell it today you would earn a total of 472.00 from holding Hangzhou Gisway Information or generate 15.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
New Hope Dairy vs. Hangzhou Gisway Information
Performance |
| Timeline |
| New Hope Dairy |
| Hangzhou Gisway Info |
New Hope and Hangzhou Gisway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with New Hope and Hangzhou Gisway
The main advantage of trading using opposite New Hope and Hangzhou Gisway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if New Hope position performs unexpectedly, Hangzhou Gisway 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 Hangzhou Gisway will offset losses from the drop in Hangzhou Gisway's long position.| New Hope vs. Jiangxi Copper Co | New Hope vs. Shanghai Shibei Hi Tech | New Hope vs. Tibet Huayu Mining | New Hope vs. Allwin Telecommunication Co |
| Hangzhou Gisway vs. Agricultural Bank of | Hangzhou Gisway vs. Industrial and Commercial | Hangzhou Gisway vs. Bank of China | Hangzhou Gisway vs. PetroChina Co Ltd |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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