Correlation Between Lens Technology and Hubei Geoway
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By analyzing existing cross correlation between Lens Technology Co and Hubei Geoway Investment, you can compare the effects of market volatilities on Lens Technology and Hubei Geoway 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 Lens Technology with a short position of Hubei Geoway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lens Technology and Hubei Geoway.
Diversification Opportunities for Lens Technology and Hubei Geoway
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Lens and Hubei is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Lens Technology Co and Hubei Geoway Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hubei Geoway Investment and Lens Technology 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 Lens Technology Co are associated (or correlated) with Hubei Geoway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hubei Geoway Investment has no effect on the direction of Lens Technology i.e., Lens Technology and Hubei Geoway go up and down completely randomly.
Pair Corralation between Lens Technology and Hubei Geoway
Assuming the 90 days trading horizon Lens Technology Co is expected to generate 1.74 times more return on investment than Hubei Geoway. However, Lens Technology is 1.74 times more volatile than Hubei Geoway Investment. It trades about 0.15 of its potential returns per unit of risk. Hubei Geoway Investment is currently generating about -0.02 per unit of risk. If you would invest 2,242 in Lens Technology Co on October 30, 2024 and sell it today you would earn a total of 359.00 from holding Lens Technology Co or generate 16.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Lens Technology Co vs. Hubei Geoway Investment
Performance |
| Timeline |
| Lens Technology |
| Hubei Geoway Investment |
Lens Technology and Hubei Geoway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lens Technology and Hubei Geoway
The main advantage of trading using opposite Lens Technology and Hubei Geoway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lens Technology position performs unexpectedly, Hubei Geoway 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 Hubei Geoway will offset losses from the drop in Hubei Geoway's long position.| Lens Technology vs. Maccura Biotechnology Co | Lens Technology vs. Jiangsu Hoperun Software | Lens Technology vs. Dhc Software Co | Lens Technology vs. Jinhe Biotechnology Co |
| Hubei Geoway vs. Zijin Mining Group | Hubei Geoway vs. Wanhua Chemical Group | Hubei Geoway vs. Baoshan Iron Steel | Hubei Geoway vs. Shandong Gold Mining |
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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