Correlation Between Tianjin Realty and Shenzhen Hifuture
Specify exactly 2 symbols:
By analyzing existing cross correlation between Tianjin Realty Development and Shenzhen Hifuture Electric, you can compare the effects of market volatilities on Tianjin Realty and Shenzhen Hifuture 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 Tianjin Realty with a short position of Shenzhen Hifuture. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Realty and Shenzhen Hifuture.
Diversification Opportunities for Tianjin Realty and Shenzhen Hifuture
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Tianjin and Shenzhen is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Realty Development and Shenzhen Hifuture Electric in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Hifuture and Tianjin Realty 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 Tianjin Realty Development are associated (or correlated) with Shenzhen Hifuture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Hifuture has no effect on the direction of Tianjin Realty i.e., Tianjin Realty and Shenzhen Hifuture go up and down completely randomly.
Pair Corralation between Tianjin Realty and Shenzhen Hifuture
Assuming the 90 days trading horizon Tianjin Realty Development is expected to generate 1.23 times more return on investment than Shenzhen Hifuture. However, Tianjin Realty is 1.23 times more volatile than Shenzhen Hifuture Electric. It trades about 0.03 of its potential returns per unit of risk. Shenzhen Hifuture Electric is currently generating about -0.02 per unit of risk. If you would invest 208.00 in Tianjin Realty Development on November 30, 2024 and sell it today you would earn a total of 37.00 from holding Tianjin Realty Development or generate 17.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.79% |
| Values | Daily Returns |
Tianjin Realty Development vs. Shenzhen Hifuture Electric
Performance |
| Timeline |
| Tianjin Realty Devel |
| Shenzhen Hifuture |
Tianjin Realty and Shenzhen Hifuture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Realty and Shenzhen Hifuture
The main advantage of trading using opposite Tianjin Realty and Shenzhen Hifuture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Realty position performs unexpectedly, Shenzhen Hifuture 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 Shenzhen Hifuture will offset losses from the drop in Shenzhen Hifuture's long position.| Tianjin Realty vs. Nanxing Furniture Machinery | Tianjin Realty vs. Hangzhou Zhongya Machinery | Tianjin Realty vs. Qijing Machinery | Tianjin Realty vs. Long Yuan Construction |
| Shenzhen Hifuture vs. China Publishing Media | Shenzhen Hifuture vs. HaiXin Foods Co | Shenzhen Hifuture vs. Beijing Kaiwen Education | Shenzhen Hifuture vs. Zhejiang 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |