Correlation Between Wintao Communications and Hubeiyichang Transportation
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By analyzing existing cross correlation between Wintao Communications Co and Hubeiyichang Transportation Group, you can compare the effects of market volatilities on Wintao Communications and Hubeiyichang Transportation 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 Wintao Communications with a short position of Hubeiyichang Transportation. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wintao Communications and Hubeiyichang Transportation.
Diversification Opportunities for Wintao Communications and Hubeiyichang Transportation
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Wintao and Hubeiyichang is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Wintao Communications Co and Hubeiyichang Transportation Gr in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hubeiyichang Transportation and Wintao Communications 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 Wintao Communications Co are associated (or correlated) with Hubeiyichang Transportation. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hubeiyichang Transportation has no effect on the direction of Wintao Communications i.e., Wintao Communications and Hubeiyichang Transportation go up and down completely randomly.
Pair Corralation between Wintao Communications and Hubeiyichang Transportation
Assuming the 90 days trading horizon Wintao Communications Co is expected to generate 2.23 times more return on investment than Hubeiyichang Transportation. However, Wintao Communications is 2.23 times more volatile than Hubeiyichang Transportation Group. It trades about 0.01 of its potential returns per unit of risk. Hubeiyichang Transportation Group is currently generating about 0.01 per unit of risk. If you would invest 2,778 in Wintao Communications Co on October 28, 2024 and sell it today you would lose (515.00) from holding Wintao Communications Co or give up 18.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wintao Communications Co vs. Hubeiyichang Transportation Gr
Performance |
| Timeline |
| Wintao Communications |
| Hubeiyichang Transportation |
Wintao Communications and Hubeiyichang Transportation Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wintao Communications and Hubeiyichang Transportation
The main advantage of trading using opposite Wintao Communications and Hubeiyichang Transportation positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wintao Communications position performs unexpectedly, Hubeiyichang Transportation 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 Hubeiyichang Transportation will offset losses from the drop in Hubeiyichang Transportation's long position.| Wintao Communications vs. Qingdao Foods Co | Wintao Communications vs. Ligao Foods CoLtd | Wintao Communications vs. Anji Foodstuff Co | Wintao Communications vs. Markor International Home |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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