Correlation Between Harvest Fund and Hang Xiao
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By analyzing existing cross correlation between Harvest Fund Management and Hang Xiao Steel, you can compare the effects of market volatilities on Harvest Fund and Hang Xiao 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 Hang Xiao. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Hang Xiao.
Diversification Opportunities for Harvest Fund and Hang Xiao
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Harvest and Hang is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Hang Xiao Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hang Xiao Steel 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 Hang Xiao. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hang Xiao Steel has no effect on the direction of Harvest Fund i.e., Harvest Fund and Hang Xiao go up and down completely randomly.
Pair Corralation between Harvest Fund and Hang Xiao
Assuming the 90 days trading horizon Harvest Fund Management is expected to generate 0.21 times more return on investment than Hang Xiao. However, Harvest Fund Management is 4.76 times less risky than Hang Xiao. It trades about 0.0 of its potential returns per unit of risk. Hang Xiao Steel is currently generating about -0.07 per unit of risk. If you would invest 257.00 in Harvest Fund Management on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Harvest Fund Management or generate 0.0% 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. Hang Xiao Steel
Performance |
| Timeline |
| Harvest Fund Management |
| Hang Xiao Steel |
Harvest Fund and Hang Xiao Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Hang Xiao
The main advantage of trading using opposite Harvest Fund and Hang Xiao positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Hang Xiao 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 Hang Xiao will offset losses from the drop in Hang Xiao'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 |
| Hang Xiao vs. Western Metal Materials | Hang Xiao vs. Heilongjiang Transport Development | Hang Xiao vs. Dezhan HealthCare Co | Hang Xiao vs. Shanghai Rongtai Health |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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