Correlation Between Harvest Fund and Hithink RoyalFlush
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By analyzing existing cross correlation between Harvest Fund Management and Hithink RoyalFlush Info, you can compare the effects of market volatilities on Harvest Fund and Hithink RoyalFlush 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 Hithink RoyalFlush. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Hithink RoyalFlush.
Diversification Opportunities for Harvest Fund and Hithink RoyalFlush
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Harvest and Hithink is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Hithink RoyalFlush Info in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hithink RoyalFlush Info 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 Hithink RoyalFlush. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hithink RoyalFlush Info has no effect on the direction of Harvest Fund i.e., Harvest Fund and Hithink RoyalFlush go up and down completely randomly.
Pair Corralation between Harvest Fund and Hithink RoyalFlush
Assuming the 90 days trading horizon Harvest Fund is expected to generate 181.29 times less return on investment than Hithink RoyalFlush. But when comparing it to its historical volatility, Harvest Fund Management is 13.49 times less risky than Hithink RoyalFlush. It trades about 0.0 of its potential returns per unit of risk. Hithink RoyalFlush Info is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 31,878 in Hithink RoyalFlush Info on September 13, 2024 and sell it today you would lose (75.00) from holding Hithink RoyalFlush Info or give up 0.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harvest Fund Management vs. Hithink RoyalFlush Info
Performance |
| Timeline |
| Harvest Fund Management |
| Hithink RoyalFlush Info |
Harvest Fund and Hithink RoyalFlush Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Hithink RoyalFlush
The main advantage of trading using opposite Harvest Fund and Hithink RoyalFlush positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Hithink RoyalFlush 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 Hithink RoyalFlush will offset losses from the drop in Hithink RoyalFlush's long position.| Harvest Fund vs. Hunan TV Broadcast | Harvest Fund vs. Jiangsu Jinling Sports | Harvest Fund vs. Zhongshan Broad Ocean Motor | Harvest Fund vs. Shandong Hi Speed RoadBridge |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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