Correlation Between Harvest Fund and Xiangyang Automobile
Specify exactly 2 symbols:
By analyzing existing cross correlation between Harvest Fund Management and Xiangyang Automobile Bearing, you can compare the effects of market volatilities on Harvest Fund and Xiangyang Automobile 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 Xiangyang Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Xiangyang Automobile.
Diversification Opportunities for Harvest Fund and Xiangyang Automobile
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Harvest and Xiangyang is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Xiangyang Automobile Bearing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiangyang Automobile 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 Xiangyang Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiangyang Automobile has no effect on the direction of Harvest Fund i.e., Harvest Fund and Xiangyang Automobile go up and down completely randomly.
Pair Corralation between Harvest Fund and Xiangyang Automobile
Assuming the 90 days trading horizon Harvest Fund Management is expected to generate 0.38 times more return on investment than Xiangyang Automobile. However, Harvest Fund Management is 2.65 times less risky than Xiangyang Automobile. It trades about 0.53 of its potential returns per unit of risk. Xiangyang Automobile Bearing is currently generating about 0.07 per unit of risk. If you would invest 270.00 in Harvest Fund Management on October 24, 2024 and sell it today you would earn a total of 60.00 from holding Harvest Fund Management or generate 22.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harvest Fund Management vs. Xiangyang Automobile Bearing
Performance |
| Timeline |
| Harvest Fund Management |
| Xiangyang Automobile |
Harvest Fund and Xiangyang Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Xiangyang Automobile
The main advantage of trading using opposite Harvest Fund and Xiangyang Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Xiangyang Automobile 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 Xiangyang Automobile will offset losses from the drop in Xiangyang Automobile's long position.| Harvest Fund vs. Wuhan Yangtze Communication | Harvest Fund vs. Suzhou Weizhixiang Food | Harvest Fund vs. Jilin Jlu Communication | Harvest Fund vs. HaiXin Foods Co |
| Xiangyang Automobile vs. Oppein Home Group | Xiangyang Automobile vs. Anji Foodstuff Co | Xiangyang Automobile vs. Shanghai Ziyan Foods | Xiangyang Automobile vs. UE Furniture Co |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |