Correlation Between Harvest Fund and Guangzhou Automobile
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By analyzing existing cross correlation between Harvest Fund Management and Guangzhou Automobile Group, you can compare the effects of market volatilities on Harvest Fund and Guangzhou Automobile 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 Guangzhou Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Guangzhou Automobile.
Diversification Opportunities for Harvest Fund and Guangzhou Automobile
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Harvest and Guangzhou is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Guangzhou Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Automobile 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 Guangzhou Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Automobile has no effect on the direction of Harvest Fund i.e., Harvest Fund and Guangzhou Automobile go up and down completely randomly.
Pair Corralation between Harvest Fund and Guangzhou Automobile
Assuming the 90 days trading horizon Harvest Fund Management is expected to under-perform the Guangzhou Automobile. But the stock apears to be less risky and, when comparing its historical volatility, Harvest Fund Management is 1.42 times less risky than Guangzhou Automobile. The stock trades about -0.05 of its potential returns per unit of risk. The Guangzhou Automobile Group is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 1,117 in Guangzhou Automobile Group on September 14, 2024 and sell it today you would lose (131.00) from holding Guangzhou Automobile Group or give up 11.73% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.54% |
| Values | Daily Returns |
Harvest Fund Management vs. Guangzhou Automobile Group
Performance |
| Timeline |
| Harvest Fund Management |
| Guangzhou Automobile |
Harvest Fund and Guangzhou Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Guangzhou Automobile
The main advantage of trading using opposite Harvest Fund and Guangzhou Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Guangzhou Automobile 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 Guangzhou Automobile will offset losses from the drop in Guangzhou Automobile's long position.| Harvest Fund vs. Kweichow Moutai Co | Harvest Fund vs. Agricultural Bank of | Harvest Fund vs. China Mobile Limited | Harvest Fund vs. China Construction Bank |
| Guangzhou Automobile vs. Henan Shuanghui Investment | Guangzhou Automobile vs. Hunan Investment Group | Guangzhou Automobile vs. Kunwu Jiuding Investment | Guangzhou Automobile vs. Harvest Fund 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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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