Correlation Between Guangdong Jinma and Harvest Fund
Specify exactly 2 symbols:
By analyzing existing cross correlation between Guangdong Jinma Entertainment and Harvest Fund Management, you can compare the effects of market volatilities on Guangdong Jinma and Harvest Fund 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 Guangdong Jinma with a short position of Harvest Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Jinma and Harvest Fund.
Diversification Opportunities for Guangdong Jinma and Harvest Fund
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Guangdong and Harvest is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Jinma Entertainment and Harvest Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harvest Fund Management and Guangdong Jinma 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 Guangdong Jinma Entertainment are associated (or correlated) with Harvest Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harvest Fund Management has no effect on the direction of Guangdong Jinma i.e., Guangdong Jinma and Harvest Fund go up and down completely randomly.
Pair Corralation between Guangdong Jinma and Harvest Fund
Assuming the 90 days trading horizon Guangdong Jinma Entertainment is expected to generate 2.47 times more return on investment than Harvest Fund. However, Guangdong Jinma is 2.47 times more volatile than Harvest Fund Management. It trades about 0.02 of its potential returns per unit of risk. Harvest Fund Management is currently generating about 0.05 per unit of risk. If you would invest 1,609 in Guangdong Jinma Entertainment on October 30, 2024 and sell it today you would earn a total of 55.00 from holding Guangdong Jinma Entertainment or generate 3.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Jinma Entertainment vs. Harvest Fund Management
Performance |
| Timeline |
| Guangdong Jinma Ente |
| Harvest Fund Management |
Guangdong Jinma and Harvest Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Jinma and Harvest Fund
The main advantage of trading using opposite Guangdong Jinma and Harvest Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Jinma position performs unexpectedly, Harvest Fund 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 Harvest Fund will offset losses from the drop in Harvest Fund's long position.| Guangdong Jinma vs. Ming Yang Smart | Guangdong Jinma vs. 159681 | Guangdong Jinma vs. 159005 | Guangdong Jinma vs. Loctek Ergonomic Technology |
| Harvest Fund vs. Industrial and Commercial | Harvest Fund vs. Kweichow Moutai Co | Harvest Fund vs. Agricultural Bank of | Harvest Fund vs. China Mobile Limited |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |