Correlation Between Wuhan Hvsen and Haoxiangni Jujube
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By analyzing existing cross correlation between Wuhan Hvsen Biotechnology and Haoxiangni Jujube Co, you can compare the effects of market volatilities on Wuhan Hvsen and Haoxiangni Jujube 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 Haoxiangni Jujube. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wuhan Hvsen and Haoxiangni Jujube.
Diversification Opportunities for Wuhan Hvsen and Haoxiangni Jujube
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Wuhan and Haoxiangni is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Wuhan Hvsen Biotechnology and Haoxiangni Jujube Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haoxiangni Jujube 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 Haoxiangni Jujube. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haoxiangni Jujube has no effect on the direction of Wuhan Hvsen i.e., Wuhan Hvsen and Haoxiangni Jujube go up and down completely randomly.
Pair Corralation between Wuhan Hvsen and Haoxiangni Jujube
Assuming the 90 days trading horizon Wuhan Hvsen Biotechnology is expected to under-perform the Haoxiangni Jujube. But the stock apears to be less risky and, when comparing its historical volatility, Wuhan Hvsen Biotechnology is 2.21 times less risky than Haoxiangni Jujube. The stock trades about -0.41 of its potential returns per unit of risk. The Haoxiangni Jujube Co is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 832.00 in Haoxiangni Jujube Co on October 11, 2024 and sell it today you would lose (60.00) from holding Haoxiangni Jujube Co or give up 7.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wuhan Hvsen Biotechnology vs. Haoxiangni Jujube Co
Performance |
| Timeline |
| Wuhan Hvsen Biotechnology |
| Haoxiangni Jujube |
Wuhan Hvsen and Haoxiangni Jujube Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wuhan Hvsen and Haoxiangni Jujube
The main advantage of trading using opposite Wuhan Hvsen and Haoxiangni Jujube positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wuhan Hvsen position performs unexpectedly, Haoxiangni Jujube 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 Haoxiangni Jujube will offset losses from the drop in Haoxiangni Jujube's long position.| Wuhan Hvsen vs. Wuhan Yangtze Communication | Wuhan Hvsen vs. Jiangxi Hengda Hi Tech | Wuhan Hvsen vs. Giantec Semiconductor Corp | Wuhan Hvsen vs. Suzhou Oriental Semiconductor |
| Haoxiangni Jujube vs. SUNSEA Telecommunications Co | Haoxiangni Jujube vs. Fibocom Wireless | Haoxiangni Jujube vs. Fujian Longzhou Transportation | Haoxiangni Jujube vs. Anhui Jianghuai Automobile |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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