Correlation Between Harvest Fund and Xiamen Bank
Specify exactly 2 symbols:
By analyzing existing cross correlation between Harvest Fund Management and Xiamen Bank Co, you can compare the effects of market volatilities on Harvest Fund and Xiamen Bank 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 Xiamen Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Xiamen Bank.
Diversification Opportunities for Harvest Fund and Xiamen Bank
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Harvest and Xiamen is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Xiamen Bank Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen Bank 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 Xiamen Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen Bank has no effect on the direction of Harvest Fund i.e., Harvest Fund and Xiamen Bank go up and down completely randomly.
Pair Corralation between Harvest Fund and Xiamen Bank
Assuming the 90 days trading horizon Harvest Fund Management is expected to under-perform the Xiamen Bank. But the stock apears to be less risky and, when comparing its historical volatility, Harvest Fund Management is 1.05 times less risky than Xiamen Bank. The stock trades about -0.01 of its potential returns per unit of risk. The Xiamen Bank Co is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 506.00 in Xiamen Bank Co on October 16, 2024 and sell it today you would earn a total of 14.00 from holding Xiamen Bank Co or generate 2.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.54% |
| Values | Daily Returns |
Harvest Fund Management vs. Xiamen Bank Co
Performance |
| Timeline |
| Harvest Fund Management |
| Xiamen Bank |
Harvest Fund and Xiamen Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Xiamen Bank
The main advantage of trading using opposite Harvest Fund and Xiamen Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Xiamen Bank 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 Xiamen Bank will offset losses from the drop in Xiamen Bank's long position.| Harvest Fund vs. Easyhome New Retail | Harvest Fund vs. Bank of Communications | Harvest Fund vs. Silkroad Visual Technology | Harvest Fund vs. China Satellite Communications |
| Xiamen Bank vs. Beijing Bewinner Communications | Xiamen Bank vs. Ningbo Ligong Online | Xiamen Bank vs. Nanning Chemical Industry | Xiamen Bank vs. Xinxiang Chemical Fiber |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |