Correlation Between Beijing Enlight and HanS Laser
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By analyzing existing cross correlation between Beijing Enlight Media and HanS Laser Tech, you can compare the effects of market volatilities on Beijing Enlight and HanS Laser 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 Enlight with a short position of HanS Laser. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Enlight and HanS Laser.
Diversification Opportunities for Beijing Enlight and HanS Laser
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Beijing and HanS is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Enlight Media and HanS Laser Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HanS Laser Tech and Beijing Enlight 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 Enlight Media are associated (or correlated) with HanS Laser. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HanS Laser Tech has no effect on the direction of Beijing Enlight i.e., Beijing Enlight and HanS Laser go up and down completely randomly.
Pair Corralation between Beijing Enlight and HanS Laser
Assuming the 90 days trading horizon Beijing Enlight Media is expected to generate 1.1 times more return on investment than HanS Laser. However, Beijing Enlight is 1.1 times more volatile than HanS Laser Tech. It trades about 0.41 of its potential returns per unit of risk. HanS Laser Tech is currently generating about 0.35 per unit of risk. If you would invest 853.00 in Beijing Enlight Media on November 5, 2024 and sell it today you would earn a total of 100.00 from holding Beijing Enlight Media or generate 11.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Enlight Media vs. HanS Laser Tech
Performance |
| Timeline |
| Beijing Enlight Media |
| HanS Laser Tech |
Beijing Enlight and HanS Laser Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Enlight and HanS Laser
The main advantage of trading using opposite Beijing Enlight and HanS Laser positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Enlight position performs unexpectedly, HanS Laser 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 HanS Laser will offset losses from the drop in HanS Laser's long position.| Beijing Enlight vs. Qumei Furniture Group | Beijing Enlight vs. Dymatic Chemicals | Beijing Enlight vs. Ningxia Younglight Chemicals | Beijing Enlight vs. Do Fluoride Chemicals Co |
| HanS Laser vs. Marssenger Kitchenware Co | HanS Laser vs. Iat Automobile Technology | HanS Laser vs. Linewell Software Co | HanS Laser vs. Tianjin Ruixin 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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