Correlation Between Techshine Electronics and Harvest Fund
Specify exactly 2 symbols:
By analyzing existing cross correlation between Techshine Electronics Co and Harvest Fund Management, you can compare the effects of market volatilities on Techshine 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 Techshine Electronics with a short position of Harvest Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Techshine Electronics and Harvest Fund.
Diversification Opportunities for Techshine Electronics and Harvest Fund
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Techshine and Harvest is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Techshine Electronics Co 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 Techshine 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 Techshine Electronics Co 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 Techshine Electronics i.e., Techshine Electronics and Harvest Fund go up and down completely randomly.
Pair Corralation between Techshine Electronics and Harvest Fund
Assuming the 90 days trading horizon Techshine Electronics is expected to generate 15.07 times less return on investment than Harvest Fund. In addition to that, Techshine Electronics is 1.6 times more volatile than Harvest Fund Management. It trades about 0.02 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 Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Techshine Electronics Co vs. Harvest Fund Management
Performance |
| Timeline |
| Techshine Electronics |
| Harvest Fund Management |
Techshine Electronics and Harvest Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Techshine Electronics and Harvest Fund
The main advantage of trading using opposite Techshine Electronics and Harvest Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Techshine 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 Techshine Electronics Co 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.
| Harvest Fund vs. Tianjin Ruixin Technology | Harvest Fund vs. Longjian Road Bridge | Harvest Fund vs. UCloud Technology Co | Harvest Fund vs. Linewell Software Co |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Stocks Directory Find actively traded stocks across global markets |