Correlation Between Harvest Fund and Sinosteel Engineering
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By analyzing existing cross correlation between Harvest Fund Management and Sinosteel Engineering and, you can compare the effects of market volatilities on Harvest Fund and Sinosteel Engineering 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 Sinosteel Engineering. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Sinosteel Engineering.
Diversification Opportunities for Harvest Fund and Sinosteel Engineering
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Harvest and Sinosteel is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Sinosteel Engineering and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinosteel Engineering and 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 Sinosteel Engineering. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinosteel Engineering and has no effect on the direction of Harvest Fund i.e., Harvest Fund and Sinosteel Engineering go up and down completely randomly.
Pair Corralation between Harvest Fund and Sinosteel Engineering
Assuming the 90 days trading horizon Harvest Fund is expected to generate 479.67 times less return on investment than Sinosteel Engineering. But when comparing it to its historical volatility, Harvest Fund Management is 5.02 times less risky than Sinosteel Engineering. It trades about 0.0 of its potential returns per unit of risk. Sinosteel Engineering and is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 649.00 in Sinosteel Engineering and on September 1, 2024 and sell it today you would earn a total of 61.00 from holding Sinosteel Engineering and or generate 9.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harvest Fund Management vs. Sinosteel Engineering and
Performance |
| Timeline |
| Harvest Fund Management |
| Sinosteel Engineering and |
Harvest Fund and Sinosteel Engineering Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Sinosteel Engineering
The main advantage of trading using opposite Harvest Fund and Sinosteel Engineering positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Sinosteel Engineering 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 Sinosteel Engineering will offset losses from the drop in Sinosteel Engineering'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 |
| Sinosteel Engineering vs. Industrial Securities Co | Sinosteel Engineering vs. Western Metal Materials | Sinosteel Engineering vs. Shandong Huifa Foodstuff | Sinosteel Engineering vs. Sichuan Yahua Industrial |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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