Correlation Between Hangzhou Minsheng and Harbin Hatou
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By analyzing existing cross correlation between Hangzhou Minsheng Healthcare and Harbin Hatou Investment, you can compare the effects of market volatilities on Hangzhou Minsheng and Harbin Hatou 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 Harbin Hatou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Minsheng and Harbin Hatou.
Diversification Opportunities for Hangzhou Minsheng and Harbin Hatou
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hangzhou and Harbin is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Minsheng Healthcare and Harbin Hatou Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Hatou Investment 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 Harbin Hatou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Hatou Investment has no effect on the direction of Hangzhou Minsheng i.e., Hangzhou Minsheng and Harbin Hatou go up and down completely randomly.
Pair Corralation between Hangzhou Minsheng and Harbin Hatou
Assuming the 90 days trading horizon Hangzhou Minsheng Healthcare is expected to under-perform the Harbin Hatou. In addition to that, Hangzhou Minsheng is 1.26 times more volatile than Harbin Hatou Investment. It trades about -0.07 of its total potential returns per unit of risk. Harbin Hatou Investment is currently generating about 0.03 per unit of volatility. If you would invest 510.00 in Harbin Hatou Investment on October 25, 2024 and sell it today you would earn a total of 141.00 from holding Harbin Hatou Investment or generate 27.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 69.71% |
| Values | Daily Returns |
Hangzhou Minsheng Healthcare vs. Harbin Hatou Investment
Performance |
| Timeline |
| Hangzhou Minsheng |
| Harbin Hatou Investment |
Hangzhou Minsheng and Harbin Hatou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Minsheng and Harbin Hatou
The main advantage of trading using opposite Hangzhou Minsheng and Harbin Hatou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Minsheng position performs unexpectedly, Harbin Hatou 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 Harbin Hatou will offset losses from the drop in Harbin Hatou's long position.| Hangzhou Minsheng vs. Bingo Software Co | Hangzhou Minsheng vs. Linkage Software Co | Hangzhou Minsheng vs. Quectel Wireless Solutions | Hangzhou Minsheng vs. Hainan HNA Infrastructure |
| Harbin Hatou vs. Agricultural Bank of | Harbin Hatou vs. Industrial and Commercial | Harbin Hatou vs. Bank of China | Harbin Hatou vs. China Construction Bank |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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