Correlation Between YiDong Electronics and Haima Automobile
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By analyzing existing cross correlation between YiDong Electronics Technology and Haima Automobile Group, you can compare the effects of market volatilities on YiDong Electronics and Haima Automobile 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 YiDong Electronics with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of YiDong Electronics and Haima Automobile.
Diversification Opportunities for YiDong Electronics and Haima Automobile
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between YiDong and Haima is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding YiDong Electronics Technology and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and YiDong Electronics 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 YiDong Electronics Technology are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of YiDong Electronics i.e., YiDong Electronics and Haima Automobile go up and down completely randomly.
Pair Corralation between YiDong Electronics and Haima Automobile
Assuming the 90 days trading horizon YiDong Electronics Technology is expected to generate 1.59 times more return on investment than Haima Automobile. However, YiDong Electronics is 1.59 times more volatile than Haima Automobile Group. It trades about 0.06 of its potential returns per unit of risk. Haima Automobile Group is currently generating about -0.47 per unit of risk. If you would invest 2,048 in YiDong Electronics Technology on October 16, 2024 and sell it today you would earn a total of 72.00 from holding YiDong Electronics Technology or generate 3.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
YiDong Electronics Technology vs. Haima Automobile Group
Performance |
| Timeline |
| YiDong Electronics |
| Haima Automobile |
YiDong Electronics and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YiDong Electronics and Haima Automobile
The main advantage of trading using opposite YiDong Electronics and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YiDong Electronics position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| YiDong Electronics vs. Biwin Storage Technology | YiDong Electronics vs. PetroChina Co Ltd | YiDong Electronics vs. Industrial and Commercial | YiDong Electronics vs. China Construction Bank |
| Haima Automobile vs. Kontour Medical Technology | Haima Automobile vs. Guangdong Transtek Medical | Haima Automobile vs. Tieling Newcity Investment | Haima Automobile vs. Zhonghong Pulin Medical |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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