Correlation Between Harvest Fund and Maoming Petro
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By analyzing existing cross correlation between Harvest Fund Management and Maoming Petro Chemical Shihua, you can compare the effects of market volatilities on Harvest Fund and Maoming Petro 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 Harvest Fund with a short position of Maoming Petro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Maoming Petro.
Diversification Opportunities for Harvest Fund and Maoming Petro
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Harvest and Maoming is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Maoming Petro Chemical Shihua in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maoming Petro Chemical and Harvest 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 Harvest Fund Management are associated (or correlated) with Maoming Petro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maoming Petro Chemical has no effect on the direction of Harvest Fund i.e., Harvest Fund and Maoming Petro go up and down completely randomly.
Pair Corralation between Harvest Fund and Maoming Petro
Assuming the 90 days trading horizon Harvest Fund Management is expected to generate 0.78 times more return on investment than Maoming Petro. However, Harvest Fund Management is 1.28 times less risky than Maoming Petro. It trades about 0.46 of its potential returns per unit of risk. Maoming Petro Chemical Shihua is currently generating about -0.04 per unit of risk. If you would invest 302.00 in Harvest Fund Management on November 3, 2024 and sell it today you would earn a total of 35.00 from holding Harvest Fund Management or generate 11.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harvest Fund Management vs. Maoming Petro Chemical Shihua
Performance |
| Timeline |
| Harvest Fund Management |
| Maoming Petro Chemical |
Harvest Fund and Maoming Petro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Maoming Petro
The main advantage of trading using opposite Harvest Fund and Maoming Petro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Maoming Petro 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 Maoming Petro will offset losses from the drop in Maoming Petro's long position.| Harvest Fund vs. Industrial and Commercial | Harvest Fund vs. Kweichow Moutai Co | Harvest Fund vs. Agricultural Bank of | Harvest Fund vs. China Mobile Limited |
| Maoming Petro vs. Changzhou Evergreen Technology | Maoming Petro vs. Dingli Communications Corp | Maoming Petro vs. Beijing Bewinner Communications | Maoming Petro vs. Guangzhou KingTeller 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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