Correlation Between Loctek Ergonomic and Hunan TV
Specify exactly 2 symbols:
By analyzing existing cross correlation between Loctek Ergonomic Technology and Hunan TV Broadcast, you can compare the effects of market volatilities on Loctek Ergonomic and Hunan TV 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 Loctek Ergonomic with a short position of Hunan TV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Loctek Ergonomic and Hunan TV.
Diversification Opportunities for Loctek Ergonomic and Hunan TV
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Loctek and Hunan is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Loctek Ergonomic Technology and Hunan TV Broadcast in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan TV Broadcast and Loctek Ergonomic 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 Loctek Ergonomic Technology are associated (or correlated) with Hunan TV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan TV Broadcast has no effect on the direction of Loctek Ergonomic i.e., Loctek Ergonomic and Hunan TV go up and down completely randomly.
Pair Corralation between Loctek Ergonomic and Hunan TV
Assuming the 90 days trading horizon Loctek Ergonomic is expected to generate 1.03 times less return on investment than Hunan TV. But when comparing it to its historical volatility, Loctek Ergonomic Technology is 1.11 times less risky than Hunan TV. It trades about 0.03 of its potential returns per unit of risk. Hunan TV Broadcast is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 566.00 in Hunan TV Broadcast on December 1, 2024 and sell it today you would earn a total of 153.00 from holding Hunan TV Broadcast or generate 27.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Loctek Ergonomic Technology vs. Hunan TV Broadcast
Performance |
| Timeline |
| Loctek Ergonomic Tec |
| Hunan TV Broadcast |
Loctek Ergonomic and Hunan TV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Loctek Ergonomic and Hunan TV
The main advantage of trading using opposite Loctek Ergonomic and Hunan TV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Loctek Ergonomic position performs unexpectedly, Hunan TV 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 TV will offset losses from the drop in Hunan TV's long position.| Loctek Ergonomic vs. YiDong Electronics Technology | Loctek Ergonomic vs. Kunshan Guoli Electronic | Loctek Ergonomic vs. Zhejiang Construction Investment | Loctek Ergonomic vs. Chengdu Xingrong Investment |
| Hunan TV vs. Beijing Balance Medical | Hunan TV vs. Zhengping RoadBridge Constr | Hunan TV vs. Highbroad Advanced Material | Hunan TV vs. Longjian Road Bridge |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |