Correlation Between YiDong Electronics and Harvest Fund
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By analyzing existing cross correlation between YiDong Electronics Technology and Harvest Fund Management, you can compare the effects of market volatilities on YiDong Electronics 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 YiDong Electronics with a short position of Harvest Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of YiDong Electronics and Harvest Fund.
Diversification Opportunities for YiDong Electronics and Harvest Fund
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between YiDong and Harvest is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding YiDong Electronics Technology 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 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 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 YiDong Electronics i.e., YiDong Electronics and Harvest Fund go up and down completely randomly.
Pair Corralation between YiDong Electronics and Harvest Fund
Assuming the 90 days trading horizon YiDong Electronics is expected to generate 1.79 times less return on investment than Harvest Fund. In addition to that, YiDong Electronics is 3.1 times more volatile than Harvest Fund Management. It trades about 0.09 of its total potential returns per unit of risk. Harvest Fund Management is currently generating about 0.5 per unit of volatility. If you would invest 276.00 in Harvest Fund Management on October 28, 2024 and sell it today you would earn a total of 58.00 from holding Harvest Fund Management or generate 21.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
YiDong Electronics Technology vs. Harvest Fund Management
Performance |
| Timeline |
| YiDong Electronics |
| Harvest Fund Management |
YiDong Electronics and Harvest Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YiDong Electronics and Harvest Fund
The main advantage of trading using opposite YiDong Electronics and Harvest Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YiDong Electronics 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.The idea behind YiDong Electronics Technology and Harvest Fund Management pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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