Correlation Between Harvest Fund and Offshore Oil
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By analyzing existing cross correlation between Harvest Fund Management and Offshore Oil Engineering, you can compare the effects of market volatilities on Harvest Fund and Offshore Oil 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 Offshore Oil. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Offshore Oil.
Diversification Opportunities for Harvest Fund and Offshore Oil
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Harvest and Offshore is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Offshore Oil Engineering in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Offshore Oil Engineering 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 Offshore Oil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Offshore Oil Engineering has no effect on the direction of Harvest Fund i.e., Harvest Fund and Offshore Oil go up and down completely randomly.
Pair Corralation between Harvest Fund and Offshore Oil
Assuming the 90 days trading horizon Harvest Fund Management is expected to generate 1.31 times more return on investment than Offshore Oil. However, Harvest Fund is 1.31 times more volatile than Offshore Oil Engineering. It trades about 0.49 of its potential returns per unit of risk. Offshore Oil Engineering is currently generating about -0.11 per unit of risk. If you would invest 273.00 in Harvest Fund Management on October 25, 2024 and sell it today you would earn a total of 56.00 from holding Harvest Fund Management or generate 20.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Harvest Fund Management vs. Offshore Oil Engineering
Performance |
| Timeline |
| Harvest Fund Management |
| Offshore Oil Engineering |
Harvest Fund and Offshore Oil Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Offshore Oil
The main advantage of trading using opposite Harvest Fund and Offshore Oil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Offshore Oil 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 Offshore Oil will offset losses from the drop in Offshore Oil'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 |
| Offshore Oil vs. Guangzhou Dongfang Hotel | Offshore Oil vs. TongFu Microelectronics Co | Offshore Oil vs. Ningbo Kangqiang Electronics | Offshore Oil vs. Jiangyin Jianghua Microelectronics |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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