Correlation Between Marssenger Kitchenware and Harbin Air
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By analyzing existing cross correlation between Marssenger Kitchenware Co and Harbin Air Conditioning, you can compare the effects of market volatilities on Marssenger Kitchenware and Harbin Air 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 Marssenger Kitchenware with a short position of Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marssenger Kitchenware and Harbin Air.
Diversification Opportunities for Marssenger Kitchenware and Harbin Air
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Marssenger and Harbin is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Marssenger Kitchenware Co and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning and Marssenger Kitchenware 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 Marssenger Kitchenware Co are associated (or correlated) with Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of Marssenger Kitchenware i.e., Marssenger Kitchenware and Harbin Air go up and down completely randomly.
Pair Corralation between Marssenger Kitchenware and Harbin Air
Assuming the 90 days trading horizon Marssenger Kitchenware is expected to generate 13.73 times less return on investment than Harbin Air. But when comparing it to its historical volatility, Marssenger Kitchenware Co is 1.03 times less risky than Harbin Air. It trades about 0.0 of its potential returns per unit of risk. Harbin Air Conditioning is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 443.00 in Harbin Air Conditioning on November 3, 2024 and sell it today you would earn a total of 3.00 from holding Harbin Air Conditioning or generate 0.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Marssenger Kitchenware Co vs. Harbin Air Conditioning
Performance |
| Timeline |
| Marssenger Kitchenware |
| Harbin Air Conditioning |
Marssenger Kitchenware and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marssenger Kitchenware and Harbin Air
The main advantage of trading using opposite Marssenger Kitchenware and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marssenger Kitchenware position performs unexpectedly, Harbin Air 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 Harbin Air will offset losses from the drop in Harbin Air's long position.| Marssenger Kitchenware vs. Industrial and Commercial | Marssenger Kitchenware vs. Agricultural Bank of | Marssenger Kitchenware vs. China Construction Bank | Marssenger Kitchenware vs. Bank of China |
| Harbin Air vs. Anhui Jinhe Industrial | Harbin Air vs. Western Metal Materials | Harbin Air vs. Guangzhou Dongfang Hotel | Harbin Air vs. SSAW Hotels Resorts |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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