Correlation Between Harvest Fund and China Yangtze
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By analyzing existing cross correlation between Harvest Fund Management and China Yangtze Power, you can compare the effects of market volatilities on Harvest Fund and China Yangtze 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 China Yangtze. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and China Yangtze.
Diversification Opportunities for Harvest Fund and China Yangtze
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Harvest and China is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and China Yangtze Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Yangtze 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 China Yangtze. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Yangtze Power has no effect on the direction of Harvest Fund i.e., Harvest Fund and China Yangtze go up and down completely randomly.
Pair Corralation between Harvest Fund and China Yangtze
Assuming the 90 days trading horizon Harvest Fund Management is expected to under-perform the China Yangtze. In addition to that, Harvest Fund is 1.25 times more volatile than China Yangtze Power. It trades about -0.05 of its total potential returns per unit of risk. China Yangtze Power is currently generating about 0.06 per unit of volatility. If you would invest 2,073 in China Yangtze Power on August 26, 2024 and sell it today you would earn a total of 653.00 from holding China Yangtze Power or generate 31.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 91.42% |
| Values | Daily Returns |
Harvest Fund Management vs. China Yangtze Power
Performance |
| Timeline |
| Harvest Fund Management |
| China Yangtze Power |
Harvest Fund and China Yangtze Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and China Yangtze
The main advantage of trading using opposite Harvest Fund and China Yangtze positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, China Yangtze 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 China Yangtze will offset losses from the drop in China Yangtze'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 |
| China Yangtze vs. Cicc Fund Management | China Yangtze vs. Harvest Fund Management | China Yangtze vs. Kingclean Electric Co | China Yangtze vs. Innovative Medical Management |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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