Correlation Between CIMC Vehicles and Henan Shuanghui
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By analyzing existing cross correlation between CIMC Vehicles Co and Henan Shuanghui Investment, you can compare the effects of market volatilities on CIMC Vehicles 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 CIMC Vehicles with a short position of Henan Shuanghui. Check out your portfolio center. Please also check ongoing floating volatility patterns of CIMC Vehicles and Henan Shuanghui.
Diversification Opportunities for CIMC Vehicles and Henan Shuanghui
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CIMC and Henan is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding CIMC Vehicles Co 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 CIMC Vehicles 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 CIMC Vehicles Co 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 CIMC Vehicles i.e., CIMC Vehicles and Henan Shuanghui go up and down completely randomly.
Pair Corralation between CIMC Vehicles and Henan Shuanghui
Assuming the 90 days trading horizon CIMC Vehicles Co is expected to under-perform the Henan Shuanghui. In addition to that, CIMC Vehicles is 1.33 times more volatile than Henan Shuanghui Investment. It trades about -0.11 of its total potential returns per unit of risk. Henan Shuanghui Investment is currently generating about -0.12 per unit of volatility. If you would invest 2,583 in Henan Shuanghui Investment on October 24, 2024 and sell it today you would lose (68.00) from holding Henan Shuanghui Investment or give up 2.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CIMC Vehicles Co vs. Henan Shuanghui Investment
Performance |
| Timeline |
| CIMC Vehicles |
| Henan Shuanghui Inve |
CIMC Vehicles and Henan Shuanghui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CIMC Vehicles and Henan Shuanghui
The main advantage of trading using opposite CIMC Vehicles and Henan Shuanghui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CIMC Vehicles 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.| CIMC Vehicles vs. Kweichow Moutai Co | CIMC Vehicles vs. Contemporary Amperex Technology | CIMC Vehicles vs. Beijing Roborock Technology | CIMC Vehicles 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 Positions Ratings module to 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.
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