Correlation Between Miracll Chemicals and Hangzhou Gaoxin
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By analyzing existing cross correlation between Miracll Chemicals Co and Hangzhou Gaoxin Rubber, you can compare the effects of market volatilities on Miracll Chemicals 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 Miracll Chemicals with a short position of Hangzhou Gaoxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Miracll Chemicals and Hangzhou Gaoxin.
Diversification Opportunities for Miracll Chemicals and Hangzhou Gaoxin
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Miracll and Hangzhou is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Miracll Chemicals Co 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 Miracll Chemicals 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 Miracll Chemicals Co 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 Miracll Chemicals i.e., Miracll Chemicals and Hangzhou Gaoxin go up and down completely randomly.
Pair Corralation between Miracll Chemicals and Hangzhou Gaoxin
Assuming the 90 days trading horizon Miracll Chemicals Co is expected to under-perform the Hangzhou Gaoxin. In addition to that, Miracll Chemicals is 1.18 times more volatile than Hangzhou Gaoxin Rubber. It trades about -0.26 of its total potential returns per unit of risk. Hangzhou Gaoxin Rubber is currently generating about 0.07 per unit of volatility. If you would invest 1,095 in Hangzhou Gaoxin Rubber on September 13, 2024 and sell it today you would earn a total of 30.00 from holding Hangzhou Gaoxin Rubber or generate 2.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Miracll Chemicals Co vs. Hangzhou Gaoxin Rubber
Performance |
| Timeline |
| Miracll Chemicals |
| Hangzhou Gaoxin Rubber |
Miracll Chemicals and Hangzhou Gaoxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Miracll Chemicals and Hangzhou Gaoxin
The main advantage of trading using opposite Miracll Chemicals and Hangzhou Gaoxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Miracll Chemicals 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.| Miracll Chemicals vs. Zijin Mining Group | Miracll Chemicals vs. Wanhua Chemical Group | Miracll Chemicals vs. Baoshan Iron Steel | Miracll Chemicals vs. Shandong Gold Mining |
| Hangzhou Gaoxin vs. Hangzhou Coco Healthcare | Hangzhou Gaoxin vs. Everjoy Health Group | Hangzhou Gaoxin vs. Hangzhou Pinming Software | Hangzhou Gaoxin vs. Glodon Software 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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