Correlation Between Hangzhou Gisway and Shenzhen Hifuture
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By analyzing existing cross correlation between Hangzhou Gisway Information and Shenzhen Hifuture Electric, you can compare the effects of market volatilities on Hangzhou Gisway and Shenzhen Hifuture 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 Shenzhen Hifuture. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Gisway and Shenzhen Hifuture.
Diversification Opportunities for Hangzhou Gisway and Shenzhen Hifuture
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hangzhou and Shenzhen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Gisway Information and Shenzhen Hifuture Electric in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Hifuture 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 Shenzhen Hifuture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Hifuture has no effect on the direction of Hangzhou Gisway i.e., Hangzhou Gisway and Shenzhen Hifuture go up and down completely randomly.
Pair Corralation between Hangzhou Gisway and Shenzhen Hifuture
Assuming the 90 days trading horizon Hangzhou Gisway Information is expected to generate 1.1 times more return on investment than Shenzhen Hifuture. However, Hangzhou Gisway is 1.1 times more volatile than Shenzhen Hifuture Electric. It trades about 0.0 of its potential returns per unit of risk. Shenzhen Hifuture Electric is currently generating about -0.01 per unit of risk. If you would invest 4,137 in Hangzhou Gisway Information on September 5, 2024 and sell it today you would lose (816.00) from holding Hangzhou Gisway Information or give up 19.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 80.88% |
| Values | Daily Returns |
Hangzhou Gisway Information vs. Shenzhen Hifuture Electric
Performance |
| Timeline |
| Hangzhou Gisway Info |
| Shenzhen Hifuture |
Hangzhou Gisway and Shenzhen Hifuture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Gisway and Shenzhen Hifuture
The main advantage of trading using opposite Hangzhou Gisway and Shenzhen Hifuture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Gisway position performs unexpectedly, Shenzhen Hifuture 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 Shenzhen Hifuture will offset losses from the drop in Shenzhen Hifuture's long position.| Hangzhou Gisway vs. Hang Xiao Steel | Hangzhou Gisway vs. Anhui Deli Household | Hangzhou Gisway vs. City Development Environment | Hangzhou Gisway vs. Aofu Environmental Technology |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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