Correlation Between Harvest Fund and Ningbo Fangzheng
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By analyzing existing cross correlation between Harvest Fund Management and Ningbo Fangzheng Automobile, you can compare the effects of market volatilities on Harvest Fund and Ningbo Fangzheng 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 Ningbo Fangzheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Ningbo Fangzheng.
Diversification Opportunities for Harvest Fund and Ningbo Fangzheng
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Harvest and Ningbo is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Ningbo Fangzheng Automobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Fangzheng Aut 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 Ningbo Fangzheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Fangzheng Aut has no effect on the direction of Harvest Fund i.e., Harvest Fund and Ningbo Fangzheng go up and down completely randomly.
Pair Corralation between Harvest Fund and Ningbo Fangzheng
Assuming the 90 days trading horizon Harvest Fund is expected to generate 464.78 times less return on investment than Ningbo Fangzheng. But when comparing it to its historical volatility, Harvest Fund Management is 8.18 times less risky than Ningbo Fangzheng. It trades about 0.0 of its potential returns per unit of risk. Ningbo Fangzheng Automobile is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 1,500 in Ningbo Fangzheng Automobile on September 1, 2024 and sell it today you would earn a total of 123.00 from holding Ningbo Fangzheng Automobile or generate 8.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harvest Fund Management vs. Ningbo Fangzheng Automobile
Performance |
| Timeline |
| Harvest Fund Management |
| Ningbo Fangzheng Aut |
Harvest Fund and Ningbo Fangzheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Ningbo Fangzheng
The main advantage of trading using opposite Harvest Fund and Ningbo Fangzheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Ningbo Fangzheng 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 Ningbo Fangzheng will offset losses from the drop in Ningbo Fangzheng'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 |
| Ningbo Fangzheng vs. Hangzhou Prevail Optoelectronic | Ningbo Fangzheng vs. Xizi Clean Energy | Ningbo Fangzheng vs. AVIC Fund Management | Ningbo Fangzheng vs. Harvest Fund Management |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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