Correlation Between Autek China and Hunan Investment
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By analyzing existing cross correlation between Autek China and Hunan Investment Group, you can compare the effects of market volatilities on Autek China and Hunan Investment 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 Autek China with a short position of Hunan Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Autek China and Hunan Investment.
Diversification Opportunities for Autek China and Hunan Investment
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Autek and Hunan is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Autek China and Hunan Investment Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan Investment and Autek China 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 Autek China are associated (or correlated) with Hunan Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan Investment has no effect on the direction of Autek China i.e., Autek China and Hunan Investment go up and down completely randomly.
Pair Corralation between Autek China and Hunan Investment
Assuming the 90 days trading horizon Autek China is expected to under-perform the Hunan Investment. In addition to that, Autek China is 1.18 times more volatile than Hunan Investment Group. It trades about -0.03 of its total potential returns per unit of risk. Hunan Investment Group is currently generating about 0.01 per unit of volatility. If you would invest 507.00 in Hunan Investment Group on December 4, 2024 and sell it today you would earn a total of 8.00 from holding Hunan Investment Group or generate 1.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Autek China vs. Hunan Investment Group
Performance |
| Timeline |
| Autek China |
| Hunan Investment |
Autek China and Hunan Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Autek China and Hunan Investment
The main advantage of trading using opposite Autek China and Hunan Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Autek China position performs unexpectedly, Hunan Investment 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 Hunan Investment will offset losses from the drop in Hunan Investment's long position.| Autek China vs. Keeson Technology Corp | Autek China vs. Linewell Software Co | Autek China vs. Jointo Energy Investment | Autek China vs. Postal Savings Bank |
| Hunan Investment vs. Guangzhou Jointas Chemical | Hunan Investment vs. Jilin Chemical Fibre | Hunan Investment vs. Longxing Chemical Stock | Hunan Investment vs. Nanning Chemical Industry |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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