Correlation Between Harbin Air and Beijing Bewinner
Specify exactly 2 symbols:
By analyzing existing cross correlation between Harbin Air Conditioning and Beijing Bewinner Communications, you can compare the effects of market volatilities on Harbin Air and Beijing Bewinner 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 Harbin Air with a short position of Beijing Bewinner. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Air and Beijing Bewinner.
Diversification Opportunities for Harbin Air and Beijing Bewinner
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Harbin and Beijing is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Air Conditioning and Beijing Bewinner Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Bewinner Com and Harbin Air 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 Harbin Air Conditioning are associated (or correlated) with Beijing Bewinner. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Bewinner Com has no effect on the direction of Harbin Air i.e., Harbin Air and Beijing Bewinner go up and down completely randomly.
Pair Corralation between Harbin Air and Beijing Bewinner
Assuming the 90 days trading horizon Harbin Air Conditioning is expected to generate 1.3 times more return on investment than Beijing Bewinner. However, Harbin Air is 1.3 times more volatile than Beijing Bewinner Communications. It trades about 0.03 of its potential returns per unit of risk. Beijing Bewinner Communications is currently generating about 0.03 per unit of risk. If you would invest 443.00 in Harbin Air Conditioning on November 2, 2024 and sell it today you would earn a total of 3.00 from holding Harbin Air Conditioning or generate 0.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harbin Air Conditioning vs. Beijing Bewinner Communication
Performance |
| Timeline |
| Harbin Air Conditioning |
| Beijing Bewinner Com |
Harbin Air and Beijing Bewinner Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Air and Beijing Bewinner
The main advantage of trading using opposite Harbin Air and Beijing Bewinner positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Air position performs unexpectedly, Beijing Bewinner 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 Beijing Bewinner will offset losses from the drop in Beijing Bewinner's long position.| Harbin Air vs. Sichuan Hebang Biotechnology | Harbin Air vs. Easyhome New Retail | Harbin Air vs. Fiberhome Telecommunication Technologies | Harbin Air vs. UE Furniture Co |
| Beijing Bewinner vs. Unisplendour Corp | Beijing Bewinner vs. Xiamen Bank Co | Beijing Bewinner vs. Zhejiang Construction Investment | Beijing Bewinner vs. Shenzhen Centralcon 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |