Correlation Between ZhongAn Online and Hyundai

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both ZhongAn Online and Hyundai 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 ZhongAn Online and Hyundai into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ZhongAn Online P and Hyundai Motor, you can compare the effects of market volatilities on ZhongAn Online and Hyundai 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 ZhongAn Online with a short position of Hyundai. Check out your portfolio center. Please also check ongoing floating volatility patterns of ZhongAn Online and Hyundai.

Diversification Opportunities for ZhongAn Online and Hyundai

0.47
  Correlation Coefficient

Very weak diversification

The 3 months correlation between ZhongAn and Hyundai is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding ZhongAn Online P and Hyundai Motor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hyundai Motor and ZhongAn Online 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 ZhongAn Online P are associated (or correlated) with Hyundai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hyundai Motor has no effect on the direction of ZhongAn Online i.e., ZhongAn Online and Hyundai go up and down completely randomly.

Pair Corralation between ZhongAn Online and Hyundai

If you would invest  4,840  in Hyundai Motor on October 24, 2024 and sell it today you would earn a total of  0.00  from holding Hyundai Motor or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

ZhongAn Online P  vs.  Hyundai Motor

 Performance 
       Timeline  
ZhongAn Online P 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days ZhongAn Online P has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest fragile performance, the Stock's basic indicators remain stable and the newest uproar on Wall Street may also be a sign of mid-term gains for the firm private investors.
Hyundai Motor 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Hyundai Motor has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest uncertain performance, the Stock's basic indicators remain stable and the newest uproar on Wall Street may also be a sign of mid-term gains for the firm private investors.

ZhongAn Online and Hyundai Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with ZhongAn Online and Hyundai

The main advantage of trading using opposite ZhongAn Online and Hyundai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ZhongAn Online position performs unexpectedly, Hyundai 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 Hyundai will offset losses from the drop in Hyundai's long position.
ZhongAn Online vs. PLAYSTUDIOS A DL 0001
ZhongAn Online vs. FIH MOBILE
ZhongAn Online vs. ePlay Digital
ZhongAn Online vs. WillScot Mobile Mini
The idea behind ZhongAn Online P and Hyundai Motor pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
Hyundai vs. BC IRON
Hyundai vs. Reinsurance Group of
Hyundai vs. Goosehead Insurance
Hyundai vs. United States Steel
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.

Other Complementary Tools

Alpha Finder
Use alpha and beta coefficients to find investment opportunities after accounting for the risk
Insider Screener
Find insiders across different sectors to evaluate their impact on performance
Headlines Timeline
Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity
My Watchlist Analysis
Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like
Risk-Return Analysis
View associations between returns expected from investment and the risk you assume


 
Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions
 
Feedback Blog
Made with optimal in San Francisco
2024 Macroaxis LLC
COMMON DESTINATIONS
MAIN CATEGORIES
COMPANY