Correlation Between Jahen Household and Harbin Air
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By analyzing existing cross correlation between Jahen Household Products and Harbin Air Conditioning, you can compare the effects of market volatilities on Jahen Household 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 Jahen Household with a short position of Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jahen Household and Harbin Air.
Diversification Opportunities for Jahen Household and Harbin Air
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jahen and Harbin is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Jahen Household Products 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 Jahen Household 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 Jahen Household Products 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 Jahen Household i.e., Jahen Household and Harbin Air go up and down completely randomly.
Pair Corralation between Jahen Household and Harbin Air
Assuming the 90 days trading horizon Jahen Household Products is expected to generate 1.69 times more return on investment than Harbin Air. However, Jahen Household is 1.69 times more volatile than Harbin Air Conditioning. It trades about 0.23 of its potential returns per unit of risk. Harbin Air Conditioning is currently generating about 0.25 per unit of risk. If you would invest 1,164 in Jahen Household Products on September 12, 2024 and sell it today you would earn a total of 853.00 from holding Jahen Household Products or generate 73.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jahen Household Products vs. Harbin Air Conditioning
Performance |
| Timeline |
| Jahen Household Products |
| Harbin Air Conditioning |
Jahen Household and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jahen Household and Harbin Air
The main advantage of trading using opposite Jahen Household and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jahen Household 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.| Jahen Household vs. Jiangxi JDL Environmental | Jahen Household vs. Qiaoyin Environmental Tech | Jahen Household vs. Elite Color Environmental | Jahen Household vs. Guangdong Liantai Environmental |
| Harbin Air vs. Huaxia Fund Management | Harbin Air vs. Gifore Agricultural Machinery | Harbin Air vs. Qijing Machinery | Harbin Air vs. Hongrun Construction Group |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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