Correlation Between Rising Nonferrous and Huaxia Fund
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By analyzing existing cross correlation between Rising Nonferrous Metals and Huaxia Fund Management, you can compare the effects of market volatilities on Rising Nonferrous and Huaxia Fund 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 Rising Nonferrous with a short position of Huaxia Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rising Nonferrous and Huaxia Fund.
Diversification Opportunities for Rising Nonferrous and Huaxia Fund
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Rising and Huaxia is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Rising Nonferrous Metals and Huaxia Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Huaxia Fund Management and Rising Nonferrous 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 Rising Nonferrous Metals are associated (or correlated) with Huaxia Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huaxia Fund Management has no effect on the direction of Rising Nonferrous i.e., Rising Nonferrous and Huaxia Fund go up and down completely randomly.
Pair Corralation between Rising Nonferrous and Huaxia Fund
Assuming the 90 days trading horizon Rising Nonferrous is expected to generate 8.48 times less return on investment than Huaxia Fund. In addition to that, Rising Nonferrous is 3.47 times more volatile than Huaxia Fund Management. It trades about 0.01 of its total potential returns per unit of risk. Huaxia Fund Management is currently generating about 0.21 per unit of volatility. If you would invest 246.00 in Huaxia Fund Management on August 29, 2024 and sell it today you would earn a total of 11.00 from holding Huaxia Fund Management or generate 4.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Rising Nonferrous Metals vs. Huaxia Fund Management
Performance |
| Timeline |
| Rising Nonferrous Metals |
| Huaxia Fund Management |
Rising Nonferrous and Huaxia Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rising Nonferrous and Huaxia Fund
The main advantage of trading using opposite Rising Nonferrous and Huaxia Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rising Nonferrous position performs unexpectedly, Huaxia Fund 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 Huaxia Fund will offset losses from the drop in Huaxia Fund's long position.| Rising Nonferrous vs. Zijin Mining Group | Rising Nonferrous vs. Wanhua Chemical Group | Rising Nonferrous vs. Baoshan Iron Steel | Rising Nonferrous vs. Shandong Gold Mining |
| Huaxia Fund vs. Jonjee Hi tech Industrial | Huaxia Fund vs. Guangzhou Jinyi Media | Huaxia Fund vs. Southern PublishingMedia Co | Huaxia Fund vs. Duzhe Publishing Media |
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 CEOs Directory module to screen CEOs from public companies around the world.
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