Correlation Between Harbin Air and Nuode Investment
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By analyzing existing cross correlation between Harbin Air Conditioning and Nuode Investment Co, you can compare the effects of market volatilities on Harbin Air and Nuode Investment 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 Nuode Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Air and Nuode Investment.
Diversification Opportunities for Harbin Air and Nuode Investment
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Harbin and Nuode is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Air Conditioning and Nuode Investment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuode Investment 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 Nuode Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuode Investment has no effect on the direction of Harbin Air i.e., Harbin Air and Nuode Investment go up and down completely randomly.
Pair Corralation between Harbin Air and Nuode Investment
Assuming the 90 days trading horizon Harbin Air Conditioning is expected to generate 1.04 times more return on investment than Nuode Investment. However, Harbin Air is 1.04 times more volatile than Nuode Investment Co. It trades about 0.01 of its potential returns per unit of risk. Nuode Investment Co is currently generating about -0.04 per unit of risk. If you would invest 523.00 in Harbin Air Conditioning on September 4, 2024 and sell it today you would lose (9.00) from holding Harbin Air Conditioning or give up 1.72% 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. Nuode Investment Co
Performance |
| Timeline |
| Harbin Air Conditioning |
| Nuode Investment |
Harbin Air and Nuode Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Air and Nuode Investment
The main advantage of trading using opposite Harbin Air and Nuode Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Air position performs unexpectedly, Nuode Investment 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 Nuode Investment will offset losses from the drop in Nuode Investment'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 |
| Nuode Investment vs. Biwin Storage Technology | Nuode Investment vs. PetroChina Co Ltd | Nuode Investment vs. Industrial and Commercial | Nuode Investment 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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