Correlation Between Harvest Fund and Semiconductor Manufacturing
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By analyzing existing cross correlation between Harvest Fund Management and Semiconductor Manufacturing Electronics, you can compare the effects of market volatilities on Harvest Fund and Semiconductor Manufacturing 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 Semiconductor Manufacturing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Semiconductor Manufacturing.
Diversification Opportunities for Harvest Fund and Semiconductor Manufacturing
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Harvest and Semiconductor is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Semiconductor Manufacturing El in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Semiconductor Manufacturing 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 Semiconductor Manufacturing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Semiconductor Manufacturing has no effect on the direction of Harvest Fund i.e., Harvest Fund and Semiconductor Manufacturing go up and down completely randomly.
Pair Corralation between Harvest Fund and Semiconductor Manufacturing
Assuming the 90 days trading horizon Harvest Fund is expected to generate 37.91 times less return on investment than Semiconductor Manufacturing. But when comparing it to its historical volatility, Harvest Fund Management is 7.37 times less risky than Semiconductor Manufacturing. It trades about 0.04 of its potential returns per unit of risk. Semiconductor Manufacturing Electronics is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 479.00 in Semiconductor Manufacturing Electronics on August 29, 2024 and sell it today you would earn a total of 73.00 from holding Semiconductor Manufacturing Electronics or generate 15.24% 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. Semiconductor Manufacturing El
Performance |
| Timeline |
| Harvest Fund Management |
| Semiconductor Manufacturing |
Harvest Fund and Semiconductor Manufacturing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Semiconductor Manufacturing
The main advantage of trading using opposite Harvest Fund and Semiconductor Manufacturing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Semiconductor Manufacturing 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 Semiconductor Manufacturing will offset losses from the drop in Semiconductor Manufacturing'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 |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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