Correlation Between Zhejiang Yayi and Harvest Fund
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By analyzing existing cross correlation between Zhejiang Yayi Metal and Harvest Fund Management, you can compare the effects of market volatilities on Zhejiang Yayi and Harvest Fund 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 Zhejiang Yayi with a short position of Harvest Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Yayi and Harvest Fund.
Diversification Opportunities for Zhejiang Yayi and Harvest Fund
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Zhejiang and Harvest is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Yayi Metal and Harvest Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harvest Fund Management and Zhejiang Yayi 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 Zhejiang Yayi Metal are associated (or correlated) with Harvest Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harvest Fund Management has no effect on the direction of Zhejiang Yayi i.e., Zhejiang Yayi and Harvest Fund go up and down completely randomly.
Pair Corralation between Zhejiang Yayi and Harvest Fund
Assuming the 90 days trading horizon Zhejiang Yayi Metal is expected to generate 2.8 times more return on investment than Harvest Fund. However, Zhejiang Yayi is 2.8 times more volatile than Harvest Fund Management. It trades about 0.01 of its potential returns per unit of risk. Harvest Fund Management is currently generating about -0.04 per unit of risk. If you would invest 2,702 in Zhejiang Yayi Metal on September 28, 2024 and sell it today you would lose (282.00) from holding Zhejiang Yayi Metal or give up 10.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 96.44% |
| Values | Daily Returns |
Zhejiang Yayi Metal vs. Harvest Fund Management
Performance |
| Timeline |
| Zhejiang Yayi Metal |
| Harvest Fund Management |
Zhejiang Yayi and Harvest Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Yayi and Harvest Fund
The main advantage of trading using opposite Zhejiang Yayi and Harvest Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Yayi position performs unexpectedly, Harvest Fund 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 Harvest Fund will offset losses from the drop in Harvest Fund's long position.| Zhejiang Yayi vs. Agricultural Bank of | Zhejiang Yayi vs. Industrial and Commercial | Zhejiang Yayi vs. Bank of China | Zhejiang Yayi vs. China Construction Bank |
| Harvest Fund vs. Industrial and Commercial | Harvest Fund vs. Kweichow Moutai Co | Harvest Fund vs. Agricultural Bank of | Harvest Fund vs. China Mobile Limited |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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