Correlation Between Sharetronic Data and HaiXin Foods
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By analyzing existing cross correlation between Sharetronic Data Technology and HaiXin Foods Co, you can compare the effects of market volatilities on Sharetronic Data and HaiXin Foods 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 Sharetronic Data with a short position of HaiXin Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sharetronic Data and HaiXin Foods.
Diversification Opportunities for Sharetronic Data and HaiXin Foods
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sharetronic and HaiXin is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Sharetronic Data Technology and HaiXin Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HaiXin Foods and Sharetronic Data 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 Sharetronic Data Technology are associated (or correlated) with HaiXin Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HaiXin Foods has no effect on the direction of Sharetronic Data i.e., Sharetronic Data and HaiXin Foods go up and down completely randomly.
Pair Corralation between Sharetronic Data and HaiXin Foods
Assuming the 90 days trading horizon Sharetronic Data Technology is expected to generate 0.94 times more return on investment than HaiXin Foods. However, Sharetronic Data Technology is 1.07 times less risky than HaiXin Foods. It trades about 0.1 of its potential returns per unit of risk. HaiXin Foods Co is currently generating about -0.12 per unit of risk. If you would invest 10,060 in Sharetronic Data Technology on October 28, 2024 and sell it today you would earn a total of 626.00 from holding Sharetronic Data Technology or generate 6.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sharetronic Data Technology vs. HaiXin Foods Co
Performance |
| Timeline |
| Sharetronic Data Tec |
| HaiXin Foods |
Sharetronic Data and HaiXin Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sharetronic Data and HaiXin Foods
The main advantage of trading using opposite Sharetronic Data and HaiXin Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sharetronic Data position performs unexpectedly, HaiXin Foods 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 HaiXin Foods will offset losses from the drop in HaiXin Foods' long position.| Sharetronic Data vs. Zhengzhou Coal Mining | Sharetronic Data vs. Jinhui Mining Co | Sharetronic Data vs. JCHX Mining Management | Sharetronic Data vs. Shengda Mining Co |
| HaiXin Foods vs. Kweichow Moutai Co | HaiXin Foods vs. Contemporary Amperex Technology | HaiXin Foods vs. G bits Network Technology | HaiXin Foods vs. Beijing Roborock Technology |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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