Correlation Between Hangzhou Gisway and Haima Automobile
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By analyzing existing cross correlation between Hangzhou Gisway Information and Haima Automobile Group, you can compare the effects of market volatilities on Hangzhou Gisway 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 Hangzhou Gisway with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Gisway and Haima Automobile.
Diversification Opportunities for Hangzhou Gisway and Haima Automobile
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Hangzhou and Haima is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Gisway Information and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Hangzhou Gisway 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 Hangzhou Gisway Information 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 Hangzhou Gisway i.e., Hangzhou Gisway and Haima Automobile go up and down completely randomly.
Pair Corralation between Hangzhou Gisway and Haima Automobile
Assuming the 90 days trading horizon Hangzhou Gisway Information is expected to generate 0.96 times more return on investment than Haima Automobile. However, Hangzhou Gisway Information is 1.04 times less risky than Haima Automobile. It trades about 0.02 of its potential returns per unit of risk. Haima Automobile Group is currently generating about -0.01 per unit of risk. If you would invest 3,152 in Hangzhou Gisway Information on October 29, 2024 and sell it today you would earn a total of 35.00 from holding Hangzhou Gisway Information or generate 1.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hangzhou Gisway Information vs. Haima Automobile Group
Performance |
| Timeline |
| Hangzhou Gisway Info |
| Haima Automobile |
Hangzhou Gisway and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Gisway and Haima Automobile
The main advantage of trading using opposite Hangzhou Gisway and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Gisway 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.| Hangzhou Gisway vs. Dazhong Transportation Group | Hangzhou Gisway vs. Qiaoyin Environmental Tech | Hangzhou Gisway vs. Chengdu Xinzhu RoadBridge | Hangzhou Gisway vs. Heilongjiang Transport Development |
| Haima Automobile vs. China Longyuan Power | Haima Automobile vs. PetroChina Co Ltd | Haima Automobile vs. Guangxi Guiguan Electric | Haima Automobile vs. Yantai North Andre |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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