Correlation Between Harbin Air and Der International
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By analyzing existing cross correlation between Harbin Air Conditioning and Der International Home, you can compare the effects of market volatilities on Harbin Air and Der International 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 Der International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Air and Der International.
Diversification Opportunities for Harbin Air and Der International
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Harbin and Der is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Air Conditioning and Der International Home in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Der International Home 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 Der International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Der International Home has no effect on the direction of Harbin Air i.e., Harbin Air and Der International go up and down completely randomly.
Pair Corralation between Harbin Air and Der International
Assuming the 90 days trading horizon Harbin Air Conditioning is expected to generate 0.98 times more return on investment than Der International. However, Harbin Air Conditioning is 1.02 times less risky than Der International. It trades about 0.0 of its potential returns per unit of risk. Der International Home is currently generating about 0.0 per unit of risk. If you would invest 539.00 in Harbin Air Conditioning on August 27, 2024 and sell it today you would lose (58.00) from holding Harbin Air Conditioning or give up 10.76% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Harbin Air Conditioning vs. Der International Home
Performance |
Timeline |
Harbin Air Conditioning |
Der International Home |
Harbin Air and Der International Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Harbin Air and Der International
The main advantage of trading using opposite Harbin Air and Der International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Air position performs unexpectedly, Der International 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 Der International will offset losses from the drop in Der International's long position.Harbin Air vs. Agricultural Bank of | Harbin Air vs. Industrial and Commercial | Harbin Air vs. Bank of China | Harbin Air vs. China Construction Bank |
Der International vs. Agricultural Bank of | Der International vs. Industrial and Commercial | Der International vs. Bank of China | Der International vs. China Construction Bank |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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