Correlation Between Huaxia Fund and State Grid
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By analyzing existing cross correlation between Huaxia Fund Management and State Grid InformationCommunication, you can compare the effects of market volatilities on Huaxia Fund and State Grid 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 Huaxia Fund with a short position of State Grid. Check out your portfolio center. Please also check ongoing floating volatility patterns of Huaxia Fund and State Grid.
Diversification Opportunities for Huaxia Fund and State Grid
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Huaxia and State is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Huaxia Fund Management and State Grid InformationCommunic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on State Grid Informati and Huaxia Fund 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 Huaxia Fund Management are associated (or correlated) with State Grid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of State Grid Informati has no effect on the direction of Huaxia Fund i.e., Huaxia Fund and State Grid go up and down completely randomly.
Pair Corralation between Huaxia Fund and State Grid
Assuming the 90 days trading horizon Huaxia Fund Management is expected to generate 0.63 times more return on investment than State Grid. However, Huaxia Fund Management is 1.59 times less risky than State Grid. It trades about 0.25 of its potential returns per unit of risk. State Grid InformationCommunication is currently generating about -0.21 per unit of risk. If you would invest 288.00 in Huaxia Fund Management on October 22, 2024 and sell it today you would earn a total of 17.00 from holding Huaxia Fund Management or generate 5.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Huaxia Fund Management vs. State Grid InformationCommunic
Performance |
| Timeline |
| Huaxia Fund Management |
| State Grid Informati |
Huaxia Fund and State Grid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Huaxia Fund and State Grid
The main advantage of trading using opposite Huaxia Fund and State Grid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Huaxia Fund position performs unexpectedly, State Grid 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 State Grid will offset losses from the drop in State Grid's long position.| Huaxia Fund vs. Guizhou BroadcastingTV Info | Huaxia Fund vs. Montage Technology Co | Huaxia Fund vs. Xinjiang Beixin RoadBridge | Huaxia Fund vs. Sharetronic Data Technology |
| State Grid vs. Keda Clean Energy | State Grid vs. Anhui Transport Consulting | State Grid vs. HanS Laser Tech | State Grid vs. Kailong High 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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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