Correlation Between Harvest Fund and Wintao Communications
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By analyzing existing cross correlation between Harvest Fund Management and Wintao Communications Co, you can compare the effects of market volatilities on Harvest Fund and Wintao Communications 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 Wintao Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Wintao Communications.
Diversification Opportunities for Harvest Fund and Wintao Communications
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Harvest and Wintao is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Wintao Communications Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wintao Communications 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 Wintao Communications. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wintao Communications has no effect on the direction of Harvest Fund i.e., Harvest Fund and Wintao Communications go up and down completely randomly.
Pair Corralation between Harvest Fund and Wintao Communications
Assuming the 90 days trading horizon Harvest Fund Management is expected to under-perform the Wintao Communications. But the stock apears to be less risky and, when comparing its historical volatility, Harvest Fund Management is 3.03 times less risky than Wintao Communications. The stock trades about -0.05 of its potential returns per unit of risk. The Wintao Communications Co is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 2,658 in Wintao Communications Co on September 5, 2024 and sell it today you would lose (82.00) from holding Wintao Communications Co or give up 3.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 93.08% |
| Values | Daily Returns |
Harvest Fund Management vs. Wintao Communications Co
Performance |
| Timeline |
| Harvest Fund Management |
| Wintao Communications |
Harvest Fund and Wintao Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Wintao Communications
The main advantage of trading using opposite Harvest Fund and Wintao Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Wintao Communications 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 Wintao Communications will offset losses from the drop in Wintao Communications' 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 |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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