Correlation Between Hangzhou Minsheng and Guangdong Xiongsu
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hangzhou Minsheng Healthcare and Guangdong Xiongsu Technology, you can compare the effects of market volatilities on Hangzhou Minsheng and Guangdong Xiongsu 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 Minsheng with a short position of Guangdong Xiongsu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Minsheng and Guangdong Xiongsu.
Diversification Opportunities for Hangzhou Minsheng and Guangdong Xiongsu
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hangzhou and Guangdong is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Minsheng Healthcare and Guangdong Xiongsu Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Xiongsu and Hangzhou Minsheng 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 Minsheng Healthcare are associated (or correlated) with Guangdong Xiongsu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Xiongsu has no effect on the direction of Hangzhou Minsheng i.e., Hangzhou Minsheng and Guangdong Xiongsu go up and down completely randomly.
Pair Corralation between Hangzhou Minsheng and Guangdong Xiongsu
Assuming the 90 days trading horizon Hangzhou Minsheng Healthcare is expected to under-perform the Guangdong Xiongsu. In addition to that, Hangzhou Minsheng is 1.12 times more volatile than Guangdong Xiongsu Technology. It trades about -0.06 of its total potential returns per unit of risk. Guangdong Xiongsu Technology is currently generating about 0.02 per unit of volatility. If you would invest 774.00 in Guangdong Xiongsu Technology on September 3, 2024 and sell it today you would earn a total of 0.00 from holding Guangdong Xiongsu Technology or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 62.68% |
| Values | Daily Returns |
Hangzhou Minsheng Healthcare vs. Guangdong Xiongsu Technology
Performance |
| Timeline |
| Hangzhou Minsheng |
| Guangdong Xiongsu |
Hangzhou Minsheng and Guangdong Xiongsu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Minsheng and Guangdong Xiongsu
The main advantage of trading using opposite Hangzhou Minsheng and Guangdong Xiongsu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Minsheng position performs unexpectedly, Guangdong Xiongsu 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 Guangdong Xiongsu will offset losses from the drop in Guangdong Xiongsu's long position.| Hangzhou Minsheng vs. Shenzhen Centralcon Investment | Hangzhou Minsheng vs. HeNan Splendor Science | Hangzhou Minsheng vs. Guosheng Financial Holding | Hangzhou Minsheng vs. Ningbo Tech Bank Co |
| Guangdong Xiongsu vs. Super Dragon Engineering Plastics | Guangdong Xiongsu vs. Renxin New Material | Guangdong Xiongsu vs. Hangzhou Gaoxin Rubber | Guangdong Xiongsu vs. GRINM Semiconductor Materials |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |