Correlation Between Iat Automobile and Hainan Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between Iat Automobile Technology and Hainan Mining Co, you can compare the effects of market volatilities on Iat Automobile and Hainan Mining 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 Hainan Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Iat Automobile and Hainan Mining.
Diversification Opportunities for Iat Automobile and Hainan Mining
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Iat and Hainan is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Iat Automobile Technology and Hainan Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Mining 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 Hainan Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Mining has no effect on the direction of Iat Automobile i.e., Iat Automobile and Hainan Mining go up and down completely randomly.
Pair Corralation between Iat Automobile and Hainan Mining
Assuming the 90 days trading horizon Iat Automobile Technology is expected to generate 1.57 times more return on investment than Hainan Mining. However, Iat Automobile is 1.57 times more volatile than Hainan Mining Co. It trades about 0.06 of its potential returns per unit of risk. Hainan Mining Co is currently generating about 0.06 per unit of risk. If you would invest 1,018 in Iat Automobile Technology on September 15, 2024 and sell it today you would earn a total of 243.00 from holding Iat Automobile Technology or generate 23.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Iat Automobile Technology vs. Hainan Mining Co
Performance |
| Timeline |
| Iat Automobile Technology |
| Hainan Mining |
Iat Automobile and Hainan Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Iat Automobile and Hainan Mining
The main advantage of trading using opposite Iat Automobile and Hainan Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Iat Automobile position performs unexpectedly, Hainan Mining 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 Hainan Mining will offset losses from the drop in Hainan Mining's long position.| Iat Automobile vs. BeiGene | Iat Automobile vs. Kweichow Moutai Co | Iat Automobile vs. Beijing Roborock Technology | Iat Automobile vs. G bits Network Technology |
| Hainan Mining vs. Zijin Mining Group | Hainan Mining vs. Wanhua Chemical Group | Hainan Mining vs. Baoshan Iron Steel | Hainan Mining vs. Shandong Gold Mining |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |