Correlation Between Wuhan Hvsen and Henan Shuanghui
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By analyzing existing cross correlation between Wuhan Hvsen Biotechnology and Henan Shuanghui Investment, you can compare the effects of market volatilities on Wuhan Hvsen and Henan Shuanghui 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 Wuhan Hvsen with a short position of Henan Shuanghui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wuhan Hvsen and Henan Shuanghui.
Diversification Opportunities for Wuhan Hvsen and Henan Shuanghui
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Wuhan and Henan is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Wuhan Hvsen Biotechnology and Henan Shuanghui Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Henan Shuanghui Inve and Wuhan Hvsen 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 Wuhan Hvsen Biotechnology are associated (or correlated) with Henan Shuanghui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Henan Shuanghui Inve has no effect on the direction of Wuhan Hvsen i.e., Wuhan Hvsen and Henan Shuanghui go up and down completely randomly.
Pair Corralation between Wuhan Hvsen and Henan Shuanghui
Assuming the 90 days trading horizon Wuhan Hvsen Biotechnology is expected to under-perform the Henan Shuanghui. In addition to that, Wuhan Hvsen is 2.18 times more volatile than Henan Shuanghui Investment. It trades about -0.02 of its total potential returns per unit of risk. Henan Shuanghui Investment is currently generating about 0.02 per unit of volatility. If you would invest 2,226 in Henan Shuanghui Investment on September 3, 2024 and sell it today you would earn a total of 225.00 from holding Henan Shuanghui Investment or generate 10.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wuhan Hvsen Biotechnology vs. Henan Shuanghui Investment
Performance |
| Timeline |
| Wuhan Hvsen Biotechnology |
| Henan Shuanghui Inve |
Wuhan Hvsen and Henan Shuanghui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wuhan Hvsen and Henan Shuanghui
The main advantage of trading using opposite Wuhan Hvsen and Henan Shuanghui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wuhan Hvsen position performs unexpectedly, Henan Shuanghui 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 Henan Shuanghui will offset losses from the drop in Henan Shuanghui's long position.| Wuhan Hvsen vs. Chengdu Kanghua Biological | Wuhan Hvsen vs. Beijing Wantai Biological | Wuhan Hvsen vs. Suzhou Novoprotein Scientific | Wuhan Hvsen vs. Aluminum Corp of |
| Henan Shuanghui vs. Markor International Home | Henan Shuanghui vs. Harbin Hatou Investment | Henan Shuanghui vs. Vohringer Home Technology | Henan Shuanghui vs. Chengdu Xingrong Investment |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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