Correlation Between Harvest Fund and Gotion High
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By analyzing existing cross correlation between Harvest Fund Management and Gotion High tech, you can compare the effects of market volatilities on Harvest Fund and Gotion High 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 Gotion High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Gotion High.
Diversification Opportunities for Harvest Fund and Gotion High
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Harvest and Gotion is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Gotion High tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gotion High tech 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 Gotion High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gotion High tech has no effect on the direction of Harvest Fund i.e., Harvest Fund and Gotion High go up and down completely randomly.
Pair Corralation between Harvest Fund and Gotion High
Assuming the 90 days trading horizon Harvest Fund Management is expected to under-perform the Gotion High. But the stock apears to be less risky and, when comparing its historical volatility, Harvest Fund Management is 1.86 times less risky than Gotion High. The stock trades about -0.05 of its potential returns per unit of risk. The Gotion High tech is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 2,614 in Gotion High tech on September 12, 2024 and sell it today you would lose (354.00) from holding Gotion High tech or give up 13.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harvest Fund Management vs. Gotion High tech
Performance |
| Timeline |
| Harvest Fund Management |
| Gotion High tech |
Harvest Fund and Gotion High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Gotion High
The main advantage of trading using opposite Harvest Fund and Gotion High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Gotion High 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 Gotion High will offset losses from the drop in Gotion High's long position.| Harvest Fund vs. Kweichow Moutai Co | Harvest Fund vs. Agricultural Bank of | Harvest Fund vs. China Mobile Limited | Harvest Fund vs. China Construction Bank |
| Gotion High vs. Beijing Wandong Medical | Gotion High vs. Dongguan Tarry Electronics | Gotion High vs. Jiugui Liquor Co | Gotion High vs. Bomin Electronics 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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