Correlation Between Hengerda New and Henan Shuanghui
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By analyzing existing cross correlation between Hengerda New Materials and Henan Shuanghui Investment, you can compare the effects of market volatilities on Hengerda New and Henan Shuanghui 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 Hengerda New with a short position of Henan Shuanghui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hengerda New and Henan Shuanghui.
Diversification Opportunities for Hengerda New and Henan Shuanghui
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Hengerda and Henan is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Hengerda New Materials and Henan Shuanghui Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Henan Shuanghui Inve and Hengerda New 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 Hengerda New Materials are associated (or correlated) with Henan Shuanghui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Henan Shuanghui Inve has no effect on the direction of Hengerda New i.e., Hengerda New and Henan Shuanghui go up and down completely randomly.
Pair Corralation between Hengerda New and Henan Shuanghui
Assuming the 90 days trading horizon Hengerda New is expected to generate 1.54 times less return on investment than Henan Shuanghui. In addition to that, Hengerda New is 2.61 times more volatile than Henan Shuanghui Investment. It trades about 0.01 of its total potential returns per unit of risk. Henan Shuanghui Investment is currently generating about 0.02 per unit of volatility. If you would invest 2,255 in Henan Shuanghui Investment on October 25, 2024 and sell it today you would earn a total of 260.00 from holding Henan Shuanghui Investment or generate 11.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hengerda New Materials vs. Henan Shuanghui Investment
Performance |
| Timeline |
| Hengerda New Materials |
| Henan Shuanghui Inve |
Hengerda New and Henan Shuanghui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hengerda New and Henan Shuanghui
The main advantage of trading using opposite Hengerda New and Henan Shuanghui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hengerda New position performs unexpectedly, Henan Shuanghui 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 Henan Shuanghui will offset losses from the drop in Henan Shuanghui's long position.| Hengerda New vs. Kweichow Moutai Co | Hengerda New vs. Contemporary Amperex Technology | Hengerda New vs. Beijing Roborock Technology | Hengerda New vs. BYD Co Ltd |
| Henan Shuanghui vs. XiaMen HongXin Electron tech | Henan Shuanghui vs. Dhc Software Co | Henan Shuanghui vs. Montage Technology Co | Henan Shuanghui vs. Changchun UP Optotech |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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