Correlation Between Harvest Fund and Cangzhou Mingzhu
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By analyzing existing cross correlation between Harvest Fund Management and Cangzhou Mingzhu Plastic, you can compare the effects of market volatilities on Harvest Fund and Cangzhou Mingzhu 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 Cangzhou Mingzhu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Cangzhou Mingzhu.
Diversification Opportunities for Harvest Fund and Cangzhou Mingzhu
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Harvest and Cangzhou is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Cangzhou Mingzhu Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cangzhou Mingzhu Plastic 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 Cangzhou Mingzhu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cangzhou Mingzhu Plastic has no effect on the direction of Harvest Fund i.e., Harvest Fund and Cangzhou Mingzhu go up and down completely randomly.
Pair Corralation between Harvest Fund and Cangzhou Mingzhu
Assuming the 90 days trading horizon Harvest Fund Management is expected to generate 0.86 times more return on investment than Cangzhou Mingzhu. However, Harvest Fund Management is 1.16 times less risky than Cangzhou Mingzhu. It trades about 0.46 of its potential returns per unit of risk. Cangzhou Mingzhu Plastic is currently generating about -0.14 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 | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harvest Fund Management vs. Cangzhou Mingzhu Plastic
Performance |
| Timeline |
| Harvest Fund Management |
| Cangzhou Mingzhu Plastic |
Harvest Fund and Cangzhou Mingzhu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Cangzhou Mingzhu
The main advantage of trading using opposite Harvest Fund and Cangzhou Mingzhu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Cangzhou Mingzhu 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 Cangzhou Mingzhu will offset losses from the drop in Cangzhou Mingzhu'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 |
| Cangzhou Mingzhu vs. YLZ Information Tech | Cangzhou Mingzhu vs. Tongling Nonferrous Metals | Cangzhou Mingzhu vs. Dawning Information Industry | Cangzhou Mingzhu vs. Shandong Hongchuang Aluminum |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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