Correlation Between Shenzhen Bingchuan and Haoxiangni Jujube
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By analyzing existing cross correlation between Shenzhen Bingchuan Network and Haoxiangni Jujube Co, you can compare the effects of market volatilities on Shenzhen Bingchuan and Haoxiangni Jujube 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 Shenzhen Bingchuan with a short position of Haoxiangni Jujube. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Bingchuan and Haoxiangni Jujube.
Diversification Opportunities for Shenzhen Bingchuan and Haoxiangni Jujube
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Shenzhen and Haoxiangni is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Bingchuan Network and Haoxiangni Jujube Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haoxiangni Jujube and Shenzhen Bingchuan 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 Shenzhen Bingchuan Network are associated (or correlated) with Haoxiangni Jujube. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haoxiangni Jujube has no effect on the direction of Shenzhen Bingchuan i.e., Shenzhen Bingchuan and Haoxiangni Jujube go up and down completely randomly.
Pair Corralation between Shenzhen Bingchuan and Haoxiangni Jujube
Assuming the 90 days trading horizon Shenzhen Bingchuan Network is expected to generate 0.39 times more return on investment than Haoxiangni Jujube. However, Shenzhen Bingchuan Network is 2.55 times less risky than Haoxiangni Jujube. It trades about 0.18 of its potential returns per unit of risk. Haoxiangni Jujube Co is currently generating about 0.05 per unit of risk. If you would invest 1,942 in Shenzhen Bingchuan Network on November 3, 2024 and sell it today you would earn a total of 198.00 from holding Shenzhen Bingchuan Network or generate 10.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Bingchuan Network vs. Haoxiangni Jujube Co
Performance |
| Timeline |
| Shenzhen Bingchuan |
| Haoxiangni Jujube |
Shenzhen Bingchuan and Haoxiangni Jujube Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Bingchuan and Haoxiangni Jujube
The main advantage of trading using opposite Shenzhen Bingchuan and Haoxiangni Jujube positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Bingchuan position performs unexpectedly, Haoxiangni Jujube 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 Haoxiangni Jujube will offset losses from the drop in Haoxiangni Jujube's long position.| Shenzhen Bingchuan vs. Lier Chemical Co | Shenzhen Bingchuan vs. Lianhe Chemical Technology | Shenzhen Bingchuan vs. Huasi Agricultural Development | Shenzhen Bingchuan vs. Tjk Machinery Tianjin |
| Haoxiangni Jujube vs. Jiangsu Phoenix Publishing | Haoxiangni Jujube vs. Zhejiang Publishing Media | Haoxiangni Jujube vs. Beijing Yanjing Brewery | Haoxiangni Jujube vs. Caihong Display Devices |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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