Correlation Between Hithink RoyalFlush and Yantai North
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By analyzing existing cross correlation between Hithink RoyalFlush Info and Yantai North Andre, you can compare the effects of market volatilities on Hithink RoyalFlush and Yantai North 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 Hithink RoyalFlush with a short position of Yantai North. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hithink RoyalFlush and Yantai North.
Diversification Opportunities for Hithink RoyalFlush and Yantai North
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hithink and Yantai is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Hithink RoyalFlush Info and Yantai North Andre in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yantai North Andre and Hithink RoyalFlush 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 Hithink RoyalFlush Info are associated (or correlated) with Yantai North. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yantai North Andre has no effect on the direction of Hithink RoyalFlush i.e., Hithink RoyalFlush and Yantai North go up and down completely randomly.
Pair Corralation between Hithink RoyalFlush and Yantai North
Assuming the 90 days trading horizon Hithink RoyalFlush Info is expected to generate 1.17 times more return on investment than Yantai North. However, Hithink RoyalFlush is 1.17 times more volatile than Yantai North Andre. It trades about 0.12 of its potential returns per unit of risk. Yantai North Andre is currently generating about 0.06 per unit of risk. If you would invest 11,316 in Hithink RoyalFlush Info on August 28, 2024 and sell it today you would earn a total of 16,754 from holding Hithink RoyalFlush Info or generate 148.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hithink RoyalFlush Info vs. Yantai North Andre
Performance |
| Timeline |
| Hithink RoyalFlush Info |
| Yantai North Andre |
Hithink RoyalFlush and Yantai North Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hithink RoyalFlush and Yantai North
The main advantage of trading using opposite Hithink RoyalFlush and Yantai North positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hithink RoyalFlush position performs unexpectedly, Yantai North 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 Yantai North will offset losses from the drop in Yantai North's long position.| Hithink RoyalFlush vs. Agricultural Bank of | Hithink RoyalFlush vs. Industrial and Commercial | Hithink RoyalFlush vs. Bank of China | Hithink RoyalFlush vs. PetroChina Co Ltd |
| Yantai North vs. Industrial and Commercial | Yantai North vs. Kweichow Moutai Co | Yantai North vs. Agricultural Bank of | Yantai North 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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