Correlation Between Harvest Fund and Hubei Xingfa
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By analyzing existing cross correlation between Harvest Fund Management and Hubei Xingfa Chemicals, you can compare the effects of market volatilities on Harvest Fund and Hubei Xingfa 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 Hubei Xingfa. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Hubei Xingfa.
Diversification Opportunities for Harvest Fund and Hubei Xingfa
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Harvest and Hubei is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Hubei Xingfa Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hubei Xingfa Chemicals 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 Hubei Xingfa. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hubei Xingfa Chemicals has no effect on the direction of Harvest Fund i.e., Harvest Fund and Hubei Xingfa go up and down completely randomly.
Pair Corralation between Harvest Fund and Hubei Xingfa
Assuming the 90 days trading horizon Harvest Fund Management is expected to under-perform the Hubei Xingfa. But the stock apears to be less risky and, when comparing its historical volatility, Harvest Fund Management is 4.9 times less risky than Hubei Xingfa. The stock trades about -0.01 of its potential returns per unit of risk. The Hubei Xingfa Chemicals is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 1,930 in Hubei Xingfa Chemicals on September 4, 2024 and sell it today you would earn a total of 390.00 from holding Hubei Xingfa Chemicals or generate 20.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harvest Fund Management vs. Hubei Xingfa Chemicals
Performance |
| Timeline |
| Harvest Fund Management |
| Hubei Xingfa Chemicals |
Harvest Fund and Hubei Xingfa Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Hubei Xingfa
The main advantage of trading using opposite Harvest Fund and Hubei Xingfa positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Hubei Xingfa 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 Hubei Xingfa will offset losses from the drop in Hubei Xingfa'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 |
| Hubei Xingfa vs. CICC Fund Management | Hubei Xingfa vs. Harvest Fund Management | Hubei Xingfa vs. Eastroc Beverage Group | Hubei Xingfa vs. Xizi Clean Energy |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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