Correlation Between China Sports and Haoxiangni Jujube
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By analyzing existing cross correlation between China Sports Industry and Haoxiangni Jujube Co, you can compare the effects of market volatilities on China Sports 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 China Sports with a short position of Haoxiangni Jujube. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Sports and Haoxiangni Jujube.
Diversification Opportunities for China Sports and Haoxiangni Jujube
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between China and Haoxiangni is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding China Sports Industry and Haoxiangni Jujube Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haoxiangni Jujube and China Sports 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 China Sports Industry 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 China Sports i.e., China Sports and Haoxiangni Jujube go up and down completely randomly.
Pair Corralation between China Sports and Haoxiangni Jujube
Assuming the 90 days trading horizon China Sports Industry is expected to under-perform the Haoxiangni Jujube. But the stock apears to be less risky and, when comparing its historical volatility, China Sports Industry is 2.37 times less risky than Haoxiangni Jujube. The stock trades about -0.04 of its potential returns per unit of risk. The Haoxiangni Jujube Co is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 583.00 in Haoxiangni Jujube Co on October 26, 2024 and sell it today you would earn a total of 506.00 from holding Haoxiangni Jujube Co or generate 86.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Sports Industry vs. Haoxiangni Jujube Co
Performance |
| Timeline |
| China Sports Industry |
| Haoxiangni Jujube |
China Sports and Haoxiangni Jujube Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Sports and Haoxiangni Jujube
The main advantage of trading using opposite China Sports and Haoxiangni Jujube positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Sports 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.| China Sports vs. PetroChina Co Ltd | China Sports vs. China Mobile Limited | China Sports vs. CNOOC Limited | China Sports vs. Ping An Insurance |
| Haoxiangni Jujube vs. Chengdu Xingrong Investment | Haoxiangni Jujube vs. Jiangsu Hoperun Software | Haoxiangni Jujube vs. Luyin Investment Group | Haoxiangni Jujube vs. Vanfund Urban Investment |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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