Correlation Between Sublime China and Beijing HuaYuanYiTong
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sublime China Information and Beijing HuaYuanYiTong Thermal, you can compare the effects of market volatilities on Sublime China and Beijing HuaYuanYiTong 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 Sublime China with a short position of Beijing HuaYuanYiTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sublime China and Beijing HuaYuanYiTong.
Diversification Opportunities for Sublime China and Beijing HuaYuanYiTong
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sublime and Beijing is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Sublime China Information and Beijing HuaYuanYiTong Thermal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing HuaYuanYiTong and Sublime China 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 Sublime China Information are associated (or correlated) with Beijing HuaYuanYiTong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing HuaYuanYiTong has no effect on the direction of Sublime China i.e., Sublime China and Beijing HuaYuanYiTong go up and down completely randomly.
Pair Corralation between Sublime China and Beijing HuaYuanYiTong
Assuming the 90 days trading horizon Sublime China Information is expected to generate 1.43 times more return on investment than Beijing HuaYuanYiTong. However, Sublime China is 1.43 times more volatile than Beijing HuaYuanYiTong Thermal. It trades about 0.05 of its potential returns per unit of risk. Beijing HuaYuanYiTong Thermal is currently generating about 0.02 per unit of risk. If you would invest 4,366 in Sublime China Information on October 18, 2024 and sell it today you would earn a total of 1,824 from holding Sublime China Information or generate 41.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.58% |
| Values | Daily Returns |
Sublime China Information vs. Beijing HuaYuanYiTong Thermal
Performance |
| Timeline |
| Sublime China Information |
| Beijing HuaYuanYiTong |
Sublime China and Beijing HuaYuanYiTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sublime China and Beijing HuaYuanYiTong
The main advantage of trading using opposite Sublime China and Beijing HuaYuanYiTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sublime China position performs unexpectedly, Beijing HuaYuanYiTong 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 Beijing HuaYuanYiTong will offset losses from the drop in Beijing HuaYuanYiTong's long position.| Sublime China vs. Guangzhou Automobile Group | Sublime China vs. Dongfeng Automobile Co | Sublime China vs. Sinomach Automobile Co | Sublime China vs. CIMC Vehicles Co |
| Beijing HuaYuanYiTong vs. Hefei Metalforming Mach | Beijing HuaYuanYiTong vs. Pengxin International Mining | Beijing HuaYuanYiTong vs. Suzhou Industrial Park | Beijing HuaYuanYiTong vs. Zhejiang Yongjin Metal |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |