Correlation Between Beijing Sinnet and Holitech Technology
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By analyzing existing cross correlation between Beijing Sinnet Technology and Holitech Technology Co, you can compare the effects of market volatilities on Beijing Sinnet and Holitech Technology 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 Sinnet with a short position of Holitech Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Sinnet and Holitech Technology.
Diversification Opportunities for Beijing Sinnet and Holitech Technology
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Beijing and Holitech is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Sinnet Technology and Holitech Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Holitech Technology and Beijing Sinnet 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 Sinnet Technology are associated (or correlated) with Holitech Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Holitech Technology has no effect on the direction of Beijing Sinnet i.e., Beijing Sinnet and Holitech Technology go up and down completely randomly.
Pair Corralation between Beijing Sinnet and Holitech Technology
Assuming the 90 days trading horizon Beijing Sinnet Technology is expected to generate 1.88 times more return on investment than Holitech Technology. However, Beijing Sinnet is 1.88 times more volatile than Holitech Technology Co. It trades about 0.15 of its potential returns per unit of risk. Holitech Technology Co is currently generating about -0.15 per unit of risk. If you would invest 1,252 in Beijing Sinnet Technology on November 4, 2024 and sell it today you would earn a total of 134.00 from holding Beijing Sinnet Technology or generate 10.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Sinnet Technology vs. Holitech Technology Co
Performance |
| Timeline |
| Beijing Sinnet Technology |
| Holitech Technology |
Beijing Sinnet and Holitech Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Sinnet and Holitech Technology
The main advantage of trading using opposite Beijing Sinnet and Holitech Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Sinnet position performs unexpectedly, Holitech Technology 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 Holitech Technology will offset losses from the drop in Holitech Technology's long position.| Beijing Sinnet vs. Postal Savings Bank | Beijing Sinnet vs. Spring Airlines Co | Beijing Sinnet vs. Chengdu Xingrong Investment | Beijing Sinnet vs. Panda Financial Holding |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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