Correlation Between Beijing Cisri and Harvest Fund
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By analyzing existing cross correlation between Beijing Cisri Gaona and Harvest Fund Management, you can compare the effects of market volatilities on Beijing Cisri and Harvest Fund 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 Beijing Cisri with a short position of Harvest Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Cisri and Harvest Fund.
Diversification Opportunities for Beijing Cisri and Harvest Fund
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beijing and Harvest is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Cisri Gaona and Harvest Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harvest Fund Management and Beijing Cisri 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 Beijing Cisri Gaona are associated (or correlated) with Harvest Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harvest Fund Management has no effect on the direction of Beijing Cisri i.e., Beijing Cisri and Harvest Fund go up and down completely randomly.
Pair Corralation between Beijing Cisri and Harvest Fund
Assuming the 90 days trading horizon Beijing Cisri is expected to generate 2.77 times less return on investment than Harvest Fund. In addition to that, Beijing Cisri is 1.68 times more volatile than Harvest Fund Management. It trades about 0.09 of its total potential returns per unit of risk. Harvest Fund Management is currently generating about 0.41 per unit of volatility. If you would invest 320.00 in Harvest Fund Management on November 7, 2024 and sell it today you would earn a total of 17.00 from holding Harvest Fund Management or generate 5.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Cisri Gaona vs. Harvest Fund Management
Performance |
| Timeline |
| Beijing Cisri Gaona |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Harvest Fund Management |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Strong
Beijing Cisri and Harvest Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Cisri and Harvest Fund
The main advantage of trading using opposite Beijing Cisri and Harvest Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Cisri position performs unexpectedly, Harvest Fund 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 Harvest Fund will offset losses from the drop in Harvest Fund's long position.The idea behind Beijing Cisri Gaona and Harvest Fund Management 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.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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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