Correlation Between Harvest Fund and Nuode Investment
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By analyzing existing cross correlation between Harvest Fund Management and Nuode Investment Co, you can compare the effects of market volatilities on Harvest Fund and Nuode Investment 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 Nuode Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Nuode Investment.
Diversification Opportunities for Harvest Fund and Nuode Investment
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Harvest and Nuode is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Nuode Investment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuode Investment 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 Nuode Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuode Investment has no effect on the direction of Harvest Fund i.e., Harvest Fund and Nuode Investment go up and down completely randomly.
Pair Corralation between Harvest Fund and Nuode Investment
Assuming the 90 days trading horizon Harvest Fund Management is expected to generate 0.49 times more return on investment than Nuode Investment. However, Harvest Fund Management is 2.02 times less risky than Nuode Investment. It trades about -0.01 of its potential returns per unit of risk. Nuode Investment Co is currently generating about -0.05 per unit of risk. If you would invest 356.00 in Harvest Fund Management on October 11, 2024 and sell it today you would lose (29.00) from holding Harvest Fund Management or give up 8.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.32% |
| Values | Daily Returns |
Harvest Fund Management vs. Nuode Investment Co
Performance |
| Timeline |
| Harvest Fund Management |
| Nuode Investment |
Harvest Fund and Nuode Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Nuode Investment
The main advantage of trading using opposite Harvest Fund and Nuode Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Nuode Investment 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 Nuode Investment will offset losses from the drop in Nuode Investment's long position.| Harvest Fund vs. Beijing Bewinner Communications | Harvest Fund vs. UE Furniture Co | Harvest Fund vs. China Mobile Limited | Harvest Fund vs. Wuhan Yangtze Communication |
| Nuode Investment vs. China Petroleum Chemical | Nuode Investment vs. PetroChina Co Ltd | Nuode Investment vs. China State Construction | Nuode Investment vs. China Railway Group |
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 Stocks Directory module to find actively traded stocks across global markets.
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