Correlation Between Wuhan Hvsen and Shenzhen Noposion
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By analyzing existing cross correlation between Wuhan Hvsen Biotechnology and Shenzhen Noposion Agrochemicals, you can compare the effects of market volatilities on Wuhan Hvsen and Shenzhen Noposion 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 Shenzhen Noposion. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wuhan Hvsen and Shenzhen Noposion.
Diversification Opportunities for Wuhan Hvsen and Shenzhen Noposion
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Wuhan and Shenzhen is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Wuhan Hvsen Biotechnology and Shenzhen Noposion Agrochemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Noposion 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 Shenzhen Noposion. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Noposion has no effect on the direction of Wuhan Hvsen i.e., Wuhan Hvsen and Shenzhen Noposion go up and down completely randomly.
Pair Corralation between Wuhan Hvsen and Shenzhen Noposion
Assuming the 90 days trading horizon Wuhan Hvsen Biotechnology is expected to under-perform the Shenzhen Noposion. In addition to that, Wuhan Hvsen is 1.07 times more volatile than Shenzhen Noposion Agrochemicals. It trades about -0.05 of its total potential returns per unit of risk. Shenzhen Noposion Agrochemicals is currently generating about 0.07 per unit of volatility. If you would invest 538.00 in Shenzhen Noposion Agrochemicals on October 13, 2024 and sell it today you would earn a total of 509.00 from holding Shenzhen Noposion Agrochemicals or generate 94.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wuhan Hvsen Biotechnology vs. Shenzhen Noposion Agrochemical
Performance |
| Timeline |
| Wuhan Hvsen Biotechnology |
| Shenzhen Noposion |
Wuhan Hvsen and Shenzhen Noposion Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wuhan Hvsen and Shenzhen Noposion
The main advantage of trading using opposite Wuhan Hvsen and Shenzhen Noposion positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wuhan Hvsen position performs unexpectedly, Shenzhen Noposion 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 Shenzhen Noposion will offset losses from the drop in Shenzhen Noposion's long position.| Wuhan Hvsen vs. XinJiang GuoTong Pipeline | Wuhan Hvsen vs. CITIC Metal Co | Wuhan Hvsen vs. YiDong Electronics Technology | Wuhan Hvsen vs. TongFu Microelectronics Co |
| Shenzhen Noposion vs. Beijing Sanyuan Foods | Shenzhen Noposion vs. Ligao Foods CoLtd | Shenzhen Noposion vs. Guangdong Wens Foodstuff | Shenzhen Noposion vs. Wuhan Hvsen Biotechnology |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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