Correlation Between Wuhan Hvsen and Jiangsu Yueda
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By analyzing existing cross correlation between Wuhan Hvsen Biotechnology and Jiangsu Yueda Investment, you can compare the effects of market volatilities on Wuhan Hvsen and Jiangsu Yueda 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 Jiangsu Yueda. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wuhan Hvsen and Jiangsu Yueda.
Diversification Opportunities for Wuhan Hvsen and Jiangsu Yueda
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Wuhan and Jiangsu is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Wuhan Hvsen Biotechnology and Jiangsu Yueda Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Yueda Investment 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 Jiangsu Yueda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Yueda Investment has no effect on the direction of Wuhan Hvsen i.e., Wuhan Hvsen and Jiangsu Yueda go up and down completely randomly.
Pair Corralation between Wuhan Hvsen and Jiangsu Yueda
Assuming the 90 days trading horizon Wuhan Hvsen Biotechnology is expected to under-perform the Jiangsu Yueda. In addition to that, Wuhan Hvsen is 1.09 times more volatile than Jiangsu Yueda Investment. It trades about -0.01 of its total potential returns per unit of risk. Jiangsu Yueda Investment is currently generating about 0.03 per unit of volatility. If you would invest 437.00 in Jiangsu Yueda Investment on September 12, 2024 and sell it today you would earn a total of 48.00 from holding Jiangsu Yueda Investment or generate 10.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wuhan Hvsen Biotechnology vs. Jiangsu Yueda Investment
Performance |
| Timeline |
| Wuhan Hvsen Biotechnology |
| Jiangsu Yueda Investment |
Wuhan Hvsen and Jiangsu Yueda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wuhan Hvsen and Jiangsu Yueda
The main advantage of trading using opposite Wuhan Hvsen and Jiangsu Yueda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wuhan Hvsen position performs unexpectedly, Jiangsu Yueda 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 Jiangsu Yueda will offset losses from the drop in Jiangsu Yueda's long position.| Wuhan Hvsen vs. Cultural Investment Holdings | Wuhan Hvsen vs. Gome Telecom Equipment | Wuhan Hvsen vs. Holitech Technology Co | Wuhan Hvsen vs. Zotye Automobile Co |
| Jiangsu Yueda vs. Agricultural Bank of | Jiangsu Yueda vs. Industrial and Commercial | Jiangsu Yueda vs. Bank of China | Jiangsu Yueda vs. PetroChina Co Ltd |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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