Correlation Between Marssenger Kitchenware and Huitong Construction
Specify exactly 2 symbols:
By analyzing existing cross correlation between Marssenger Kitchenware Co and Huitong Construction Group, you can compare the effects of market volatilities on Marssenger Kitchenware and Huitong Construction 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 Huitong Construction. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marssenger Kitchenware and Huitong Construction.
Diversification Opportunities for Marssenger Kitchenware and Huitong Construction
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Marssenger and Huitong is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Marssenger Kitchenware Co and Huitong Construction Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Huitong Construction 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 Huitong Construction. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huitong Construction has no effect on the direction of Marssenger Kitchenware i.e., Marssenger Kitchenware and Huitong Construction go up and down completely randomly.
Pair Corralation between Marssenger Kitchenware and Huitong Construction
Assuming the 90 days trading horizon Marssenger Kitchenware Co is expected to generate 1.95 times more return on investment than Huitong Construction. However, Marssenger Kitchenware is 1.95 times more volatile than Huitong Construction Group. It trades about 0.32 of its potential returns per unit of risk. Huitong Construction Group is currently generating about 0.33 per unit of risk. If you would invest 1,329 in Marssenger Kitchenware Co on November 27, 2024 and sell it today you would earn a total of 219.00 from holding Marssenger Kitchenware Co or generate 16.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Marssenger Kitchenware Co vs. Huitong Construction Group
Performance |
| Timeline |
| Marssenger Kitchenware |
| Huitong Construction |
Marssenger Kitchenware and Huitong Construction Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marssenger Kitchenware and Huitong Construction
The main advantage of trading using opposite Marssenger Kitchenware and Huitong Construction positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marssenger Kitchenware position performs unexpectedly, Huitong Construction 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 Huitong Construction will offset losses from the drop in Huitong Construction's long position.| Marssenger Kitchenware vs. Everjoy Health Group | Marssenger Kitchenware vs. PKU HealthCare Corp | Marssenger Kitchenware vs. Dezhan HealthCare Co | Marssenger Kitchenware vs. Jointo Energy Investment |
| Huitong Construction vs. PKU HealthCare Corp | Huitong Construction vs. Humanwell Healthcare Group | Huitong Construction vs. Guangzhou Seagull Kitchen | Huitong Construction 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |