Correlation Between Iat Automobile and Hangzhou Gaoxin
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By analyzing existing cross correlation between Iat Automobile Technology and Hangzhou Gaoxin Rubber, you can compare the effects of market volatilities on Iat Automobile and Hangzhou Gaoxin 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 Iat Automobile with a short position of Hangzhou Gaoxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Iat Automobile and Hangzhou Gaoxin.
Diversification Opportunities for Iat Automobile and Hangzhou Gaoxin
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Iat and Hangzhou is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Iat Automobile Technology and Hangzhou Gaoxin Rubber in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Gaoxin Rubber and Iat Automobile 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 Iat Automobile Technology are associated (or correlated) with Hangzhou Gaoxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Gaoxin Rubber has no effect on the direction of Iat Automobile i.e., Iat Automobile and Hangzhou Gaoxin go up and down completely randomly.
Pair Corralation between Iat Automobile and Hangzhou Gaoxin
Assuming the 90 days trading horizon Iat Automobile Technology is expected to generate 1.08 times more return on investment than Hangzhou Gaoxin. However, Iat Automobile is 1.08 times more volatile than Hangzhou Gaoxin Rubber. It trades about 0.01 of its potential returns per unit of risk. Hangzhou Gaoxin Rubber is currently generating about 0.01 per unit of risk. If you would invest 1,234 in Iat Automobile Technology on October 16, 2024 and sell it today you would lose (130.00) from holding Iat Automobile Technology or give up 10.53% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Iat Automobile Technology vs. Hangzhou Gaoxin Rubber
Performance |
| Timeline |
| Iat Automobile Technology |
| Hangzhou Gaoxin Rubber |
Iat Automobile and Hangzhou Gaoxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Iat Automobile and Hangzhou Gaoxin
The main advantage of trading using opposite Iat Automobile and Hangzhou Gaoxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Iat Automobile position performs unexpectedly, Hangzhou Gaoxin 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 Hangzhou Gaoxin will offset losses from the drop in Hangzhou Gaoxin's long position.| Iat Automobile vs. Digiwin Software Co | Iat Automobile vs. Guangdong Xiongsu Technology | Iat Automobile vs. Ningbo Kangqiang Electronics | Iat Automobile vs. Hubei Forbon Technology |
| Hangzhou Gaoxin vs. China Mobile Limited | Hangzhou Gaoxin vs. Sanbo Hospital Management | Hangzhou Gaoxin vs. Anhui Jianghuai Automobile | Hangzhou Gaoxin vs. Youngy Health 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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