Correlation Between Harvest Fund and Sinofibers Technology
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By analyzing existing cross correlation between Harvest Fund Management and Sinofibers Technology Co, you can compare the effects of market volatilities on Harvest Fund and Sinofibers Technology 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 Sinofibers Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Sinofibers Technology.
Diversification Opportunities for Harvest Fund and Sinofibers Technology
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Harvest and Sinofibers is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Sinofibers Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinofibers Technology 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 Sinofibers Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinofibers Technology has no effect on the direction of Harvest Fund i.e., Harvest Fund and Sinofibers Technology go up and down completely randomly.
Pair Corralation between Harvest Fund and Sinofibers Technology
Assuming the 90 days trading horizon Harvest Fund Management is expected to generate 0.44 times more return on investment than Sinofibers Technology. However, Harvest Fund Management is 2.25 times less risky than Sinofibers Technology. It trades about -0.05 of its potential returns per unit of risk. Sinofibers Technology Co is currently generating about -0.03 per unit of risk. If you would invest 363.00 in Harvest Fund Management on August 27, 2024 and sell it today you would lose (102.00) from holding Harvest Fund Management or give up 28.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 91.61% |
| Values | Daily Returns |
Harvest Fund Management vs. Sinofibers Technology Co
Performance |
| Timeline |
| Harvest Fund Management |
| Sinofibers Technology |
Harvest Fund and Sinofibers Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Sinofibers Technology
The main advantage of trading using opposite Harvest Fund and Sinofibers Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Sinofibers Technology 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 Sinofibers Technology will offset losses from the drop in Sinofibers Technology's long position.| Harvest Fund vs. Metro Investment Development | Harvest Fund vs. Beijing Mainstreets Investment | Harvest Fund vs. Zhongrun Resources Investment | Harvest Fund vs. GreenTech Environmental 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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