Correlation Between Aya Gold and Hongkong
Can any of the company-specific risk be diversified away by investing in both Aya Gold and Hongkong at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Aya Gold and Hongkong into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aya Gold Silver and The Hongkong and, you can compare the effects of market volatilities on Aya Gold and Hongkong 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 Aya Gold with a short position of Hongkong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aya Gold and Hongkong.
Diversification Opportunities for Aya Gold and Hongkong
Pay attention - limited upside
The 3 months correlation between Aya and Hongkong is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding Aya Gold Silver and The Hongkong and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on The Hongkong and Aya Gold 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 Aya Gold Silver are associated (or correlated) with Hongkong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of The Hongkong has no effect on the direction of Aya Gold i.e., Aya Gold and Hongkong go up and down completely randomly.
Pair Corralation between Aya Gold and Hongkong
Assuming the 90 days trading horizon Aya Gold Silver is expected to generate 3.2 times more return on investment than Hongkong. However, Aya Gold is 3.2 times more volatile than The Hongkong and. It trades about 0.07 of its potential returns per unit of risk. The Hongkong and is currently generating about -0.23 per unit of risk. If you would invest 746.00 in Aya Gold Silver on November 7, 2024 and sell it today you would earn a total of 32.00 from holding Aya Gold Silver or generate 4.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 86.96% |
| Values | Daily Returns |
Aya Gold Silver vs. The Hongkong and
Performance |
| Timeline |
| Aya Gold Silver |
| The Hongkong |
Aya Gold and Hongkong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aya Gold and Hongkong
The main advantage of trading using opposite Aya Gold and Hongkong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aya Gold position performs unexpectedly, Hongkong 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 Hongkong will offset losses from the drop in Hongkong's long position.| Aya Gold vs. Wyndham Hotels Resorts | Aya Gold vs. AIR LIQUIDE ADR | Aya Gold vs. INTERCONT HOTELS | Aya Gold vs. NORWEGIAN AIR SHUT |
| Hongkong vs. Marriott International | Hongkong vs. Hilton Worldwide Holdings | Hongkong vs. H World Group | Hongkong vs. Hyatt Hotels |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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