Correlation Between Harvest Fund and Dalian Thermal
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By analyzing existing cross correlation between Harvest Fund Management and Dalian Thermal Power, you can compare the effects of market volatilities on Harvest Fund and Dalian Thermal 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 Dalian Thermal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Dalian Thermal.
Diversification Opportunities for Harvest Fund and Dalian Thermal
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Harvest and Dalian is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Dalian Thermal Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dalian Thermal Power 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 Dalian Thermal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dalian Thermal Power has no effect on the direction of Harvest Fund i.e., Harvest Fund and Dalian Thermal go up and down completely randomly.
Pair Corralation between Harvest Fund and Dalian Thermal
Assuming the 90 days trading horizon Harvest Fund Management is expected to generate 0.52 times more return on investment than Dalian Thermal. However, Harvest Fund Management is 1.94 times less risky than Dalian Thermal. It trades about 0.59 of its potential returns per unit of risk. Dalian Thermal Power is currently generating about -0.35 per unit of risk. If you would invest 266.00 in Harvest Fund Management on October 14, 2024 and sell it today you would earn a total of 65.00 from holding Harvest Fund Management or generate 24.44% 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. Dalian Thermal Power
Performance |
| Timeline |
| Harvest Fund Management |
| Dalian Thermal Power |
Harvest Fund and Dalian Thermal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Dalian Thermal
The main advantage of trading using opposite Harvest Fund and Dalian Thermal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Dalian Thermal 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 Dalian Thermal will offset losses from the drop in Dalian Thermal's long position.| Harvest Fund vs. Heilongjiang Transport Development | Harvest Fund vs. Techshine Electronics Co | Harvest Fund vs. Zhongshan Broad Ocean Motor | Harvest Fund vs. YiDong Electronics Technology |
| Dalian Thermal vs. Harvest Fund Management | Dalian Thermal vs. Chongqing Changan Automobile | Dalian Thermal vs. China Asset Management | Dalian Thermal vs. Shenzhen AV Display Co |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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