Correlation Between Harvest Fund and Chongqing Zhifei
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By analyzing existing cross correlation between Harvest Fund Management and Chongqing Zhifei Bio, you can compare the effects of market volatilities on Harvest Fund and Chongqing Zhifei 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 Chongqing Zhifei. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Chongqing Zhifei.
Diversification Opportunities for Harvest Fund and Chongqing Zhifei
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Harvest and Chongqing is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Chongqing Zhifei Bio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Zhifei Bio 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 Chongqing Zhifei. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Zhifei Bio has no effect on the direction of Harvest Fund i.e., Harvest Fund and Chongqing Zhifei go up and down completely randomly.
Pair Corralation between Harvest Fund and Chongqing Zhifei
Assuming the 90 days trading horizon Harvest Fund Management is expected to under-perform the Chongqing Zhifei. But the stock apears to be less risky and, when comparing its historical volatility, Harvest Fund Management is 7.33 times less risky than Chongqing Zhifei. The stock trades about -0.08 of its potential returns per unit of risk. The Chongqing Zhifei Bio is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 3,097 in Chongqing Zhifei Bio on September 3, 2024 and sell it today you would lose (158.00) from holding Chongqing Zhifei Bio or give up 5.1% 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. Chongqing Zhifei Bio
Performance |
| Timeline |
| Harvest Fund Management |
| Chongqing Zhifei Bio |
Harvest Fund and Chongqing Zhifei Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Chongqing Zhifei
The main advantage of trading using opposite Harvest Fund and Chongqing Zhifei positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Chongqing Zhifei 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 Chongqing Zhifei will offset losses from the drop in Chongqing Zhifei'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 |
| Chongqing Zhifei vs. Yonyou Auto Information | Chongqing Zhifei vs. Dawning Information Industry | Chongqing Zhifei vs. Ping An Insurance | Chongqing Zhifei vs. Peoples Insurance of |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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