Correlation Between Sichuan Jinshi and HaiXin Foods
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sichuan Jinshi Technology and HaiXin Foods Co, you can compare the effects of market volatilities on Sichuan Jinshi and HaiXin Foods 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 Sichuan Jinshi with a short position of HaiXin Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sichuan Jinshi and HaiXin Foods.
Diversification Opportunities for Sichuan Jinshi and HaiXin Foods
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sichuan and HaiXin is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Sichuan Jinshi Technology and HaiXin Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HaiXin Foods and Sichuan Jinshi 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 Sichuan Jinshi Technology are associated (or correlated) with HaiXin Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HaiXin Foods has no effect on the direction of Sichuan Jinshi i.e., Sichuan Jinshi and HaiXin Foods go up and down completely randomly.
Pair Corralation between Sichuan Jinshi and HaiXin Foods
Assuming the 90 days trading horizon Sichuan Jinshi Technology is expected to under-perform the HaiXin Foods. But the stock apears to be less risky and, when comparing its historical volatility, Sichuan Jinshi Technology is 1.1 times less risky than HaiXin Foods. The stock trades about -0.01 of its potential returns per unit of risk. The HaiXin Foods Co is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 531.00 in HaiXin Foods Co on August 31, 2024 and sell it today you would lose (70.00) from holding HaiXin Foods Co or give up 13.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sichuan Jinshi Technology vs. HaiXin Foods Co
Performance |
| Timeline |
| Sichuan Jinshi Technology |
| HaiXin Foods |
Sichuan Jinshi and HaiXin Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sichuan Jinshi and HaiXin Foods
The main advantage of trading using opposite Sichuan Jinshi and HaiXin Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sichuan Jinshi position performs unexpectedly, HaiXin Foods 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 HaiXin Foods will offset losses from the drop in HaiXin Foods' long position.| Sichuan Jinshi vs. Guilin Seamild Foods | Sichuan Jinshi vs. Zhengzhou Qianweiyangchu Food | Sichuan Jinshi vs. HaiXin Foods Co | Sichuan Jinshi vs. Ligao Foods CoLtd |
| HaiXin Foods vs. Linewell Software Co | HaiXin Foods vs. Zhongshan Public Utilities | HaiXin Foods vs. Maxvision Technology Corp | HaiXin Foods vs. Tianshui Huatian Technology |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |