Correlation Between Harbin Air and INKON Life
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By analyzing existing cross correlation between Harbin Air Conditioning and INKON Life Technology, you can compare the effects of market volatilities on Harbin Air and INKON Life 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 INKON Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Air and INKON Life.
Diversification Opportunities for Harbin Air and INKON Life
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Harbin and INKON is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Air Conditioning and INKON Life Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INKON Life Technology 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 INKON Life. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INKON Life Technology has no effect on the direction of Harbin Air i.e., Harbin Air and INKON Life go up and down completely randomly.
Pair Corralation between Harbin Air and INKON Life
Assuming the 90 days trading horizon Harbin Air is expected to generate 2.74 times less return on investment than INKON Life. In addition to that, Harbin Air is 1.0 times more volatile than INKON Life Technology. It trades about 0.01 of its total potential returns per unit of risk. INKON Life Technology is currently generating about 0.04 per unit of volatility. If you would invest 744.00 in INKON Life Technology on October 29, 2024 and sell it today you would earn a total of 123.00 from holding INKON Life Technology or generate 16.53% 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. INKON Life Technology
Performance |
| Timeline |
| Harbin Air Conditioning |
| INKON Life Technology |
Harbin Air and INKON Life Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Air and INKON Life
The main advantage of trading using opposite Harbin Air and INKON Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Air position performs unexpectedly, INKON Life 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 INKON Life will offset losses from the drop in INKON Life's long position.| Harbin Air vs. BTG Hotels Group | Harbin Air vs. Xiangtan Electrochemical Scientific | Harbin Air vs. Jinling Hotel Corp | Harbin Air vs. Lier Chemical Co |
| INKON Life vs. China State Construction | INKON Life vs. Poly Real Estate | INKON Life vs. China Vanke Co | INKON Life vs. China Merchants Shekou |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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