Correlation Between Thunder Software and Hainan Haiqi
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By analyzing existing cross correlation between Thunder Software Technology and Hainan Haiqi Transportation, you can compare the effects of market volatilities on Thunder Software and Hainan Haiqi 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 Thunder Software with a short position of Hainan Haiqi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thunder Software and Hainan Haiqi.
Diversification Opportunities for Thunder Software and Hainan Haiqi
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Thunder and Hainan is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Thunder Software Technology and Hainan Haiqi Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Haiqi Transpo and Thunder Software 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 Thunder Software Technology are associated (or correlated) with Hainan Haiqi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Haiqi Transpo has no effect on the direction of Thunder Software i.e., Thunder Software and Hainan Haiqi go up and down completely randomly.
Pair Corralation between Thunder Software and Hainan Haiqi
Assuming the 90 days trading horizon Thunder Software Technology is expected to generate 1.68 times more return on investment than Hainan Haiqi. However, Thunder Software is 1.68 times more volatile than Hainan Haiqi Transportation. It trades about 0.14 of its potential returns per unit of risk. Hainan Haiqi Transportation is currently generating about 0.07 per unit of risk. If you would invest 3,246 in Thunder Software Technology on October 18, 2024 and sell it today you would earn a total of 2,040 from holding Thunder Software Technology or generate 62.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thunder Software Technology vs. Hainan Haiqi Transportation
Performance |
| Timeline |
| Thunder Software Tec |
| Hainan Haiqi Transpo |
Thunder Software and Hainan Haiqi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thunder Software and Hainan Haiqi
The main advantage of trading using opposite Thunder Software and Hainan Haiqi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thunder Software position performs unexpectedly, Hainan Haiqi 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 Hainan Haiqi will offset losses from the drop in Hainan Haiqi's long position.| Thunder Software vs. Westone Information Industry | Thunder Software vs. Beijing Watertek Information | Thunder Software vs. Ningbo Fangzheng Automobile | Thunder Software vs. Songz Automobile Air |
| Hainan Haiqi vs. Thunder Software Technology | Hainan Haiqi vs. Beijing Baolande Software | Hainan Haiqi vs. Zhengping RoadBridge Constr | Hainan Haiqi vs. Dareway Software Co |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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