Correlation Between Dongfeng Automobile and Haoxiangni Jujube
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By analyzing existing cross correlation between Dongfeng Automobile Co and Haoxiangni Jujube Co, you can compare the effects of market volatilities on Dongfeng Automobile and Haoxiangni Jujube 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 Dongfeng Automobile with a short position of Haoxiangni Jujube. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dongfeng Automobile and Haoxiangni Jujube.
Diversification Opportunities for Dongfeng Automobile and Haoxiangni Jujube
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Dongfeng and Haoxiangni is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Dongfeng Automobile Co and Haoxiangni Jujube Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haoxiangni Jujube and Dongfeng Automobile 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 Dongfeng Automobile Co are associated (or correlated) with Haoxiangni Jujube. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haoxiangni Jujube has no effect on the direction of Dongfeng Automobile i.e., Dongfeng Automobile and Haoxiangni Jujube go up and down completely randomly.
Pair Corralation between Dongfeng Automobile and Haoxiangni Jujube
Assuming the 90 days trading horizon Dongfeng Automobile Co is expected to under-perform the Haoxiangni Jujube. But the stock apears to be less risky and, when comparing its historical volatility, Dongfeng Automobile Co is 3.28 times less risky than Haoxiangni Jujube. The stock trades about -0.07 of its potential returns per unit of risk. The Haoxiangni Jujube Co is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 886.00 in Haoxiangni Jujube Co on November 4, 2024 and sell it today you would earn a total of 46.00 from holding Haoxiangni Jujube Co or generate 5.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dongfeng Automobile Co vs. Haoxiangni Jujube Co
Performance |
| Timeline |
| Dongfeng Automobile |
| Haoxiangni Jujube |
Dongfeng Automobile and Haoxiangni Jujube Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dongfeng Automobile and Haoxiangni Jujube
The main advantage of trading using opposite Dongfeng Automobile and Haoxiangni Jujube positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dongfeng Automobile position performs unexpectedly, Haoxiangni Jujube 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 Haoxiangni Jujube will offset losses from the drop in Haoxiangni Jujube's long position.| Dongfeng Automobile vs. GRG Banking Equipment | Dongfeng Automobile vs. China Everbright Bank | Dongfeng Automobile vs. Zhejiang Construction Investment | Dongfeng Automobile vs. Shenzhen Topway Video |
| Haoxiangni Jujube vs. Qingdao Choho Industrial | Haoxiangni Jujube vs. Jiangsu Financial Leasing | Haoxiangni Jujube vs. Bohai Leasing Co | Haoxiangni Jujube vs. Pengxin International Mining |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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