Correlation Between Poly Real and Wuhan Hvsen
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By analyzing existing cross correlation between Poly Real Estate and Wuhan Hvsen Biotechnology, you can compare the effects of market volatilities on Poly Real and Wuhan Hvsen 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 Poly Real with a short position of Wuhan Hvsen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Poly Real and Wuhan Hvsen.
Diversification Opportunities for Poly Real and Wuhan Hvsen
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Poly and Wuhan is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Poly Real Estate and Wuhan Hvsen Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wuhan Hvsen Biotechnology and Poly Real 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 Poly Real Estate are associated (or correlated) with Wuhan Hvsen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wuhan Hvsen Biotechnology has no effect on the direction of Poly Real i.e., Poly Real and Wuhan Hvsen go up and down completely randomly.
Pair Corralation between Poly Real and Wuhan Hvsen
Assuming the 90 days trading horizon Poly Real Estate is expected to under-perform the Wuhan Hvsen. But the stock apears to be less risky and, when comparing its historical volatility, Poly Real Estate is 1.32 times less risky than Wuhan Hvsen. The stock trades about -0.21 of its potential returns per unit of risk. The Wuhan Hvsen Biotechnology is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 1,037 in Wuhan Hvsen Biotechnology on August 25, 2024 and sell it today you would earn a total of 64.00 from holding Wuhan Hvsen Biotechnology or generate 6.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Poly Real Estate vs. Wuhan Hvsen Biotechnology
Performance |
| Timeline |
| Poly Real Estate |
| Wuhan Hvsen Biotechnology |
Poly Real and Wuhan Hvsen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Poly Real and Wuhan Hvsen
The main advantage of trading using opposite Poly Real and Wuhan Hvsen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Poly Real position performs unexpectedly, Wuhan Hvsen 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 Wuhan Hvsen will offset losses from the drop in Wuhan Hvsen's long position.| Poly Real vs. Peoples Insurance of | Poly Real vs. Shandong Longquan Pipeline | Poly Real vs. Sino Medical Sciences | Poly Real vs. XinJiang GuoTong Pipeline |
| Wuhan Hvsen vs. Guocheng Mining Co | Wuhan Hvsen vs. Chengtun Mining Group | Wuhan Hvsen vs. Xinjiang Baodi Mining | Wuhan Hvsen vs. Cowealth Medical China |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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