Correlation Between Tianjin Realty and Hainan Haiqi
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By analyzing existing cross correlation between Tianjin Realty Development and Hainan Haiqi Transportation, you can compare the effects of market volatilities on Tianjin Realty and Hainan Haiqi 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 Hainan Haiqi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Realty and Hainan Haiqi.
Diversification Opportunities for Tianjin Realty and Hainan Haiqi
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Tianjin and Hainan is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Realty Development and Hainan Haiqi Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Haiqi Transpo 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 Hainan Haiqi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Haiqi Transpo has no effect on the direction of Tianjin Realty i.e., Tianjin Realty and Hainan Haiqi go up and down completely randomly.
Pair Corralation between Tianjin Realty and Hainan Haiqi
Assuming the 90 days trading horizon Tianjin Realty Development is expected to under-perform the Hainan Haiqi. In addition to that, Tianjin Realty is 1.63 times more volatile than Hainan Haiqi Transportation. It trades about -0.04 of its total potential returns per unit of risk. Hainan Haiqi Transportation is currently generating about 0.09 per unit of volatility. If you would invest 1,931 in Hainan Haiqi Transportation on September 3, 2024 and sell it today you would earn a total of 85.00 from holding Hainan Haiqi Transportation or generate 4.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianjin Realty Development vs. Hainan Haiqi Transportation
Performance |
| Timeline |
| Tianjin Realty Devel |
| Hainan Haiqi Transpo |
Tianjin Realty and Hainan Haiqi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Realty and Hainan Haiqi
The main advantage of trading using opposite Tianjin Realty and Hainan Haiqi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Realty position performs unexpectedly, Hainan Haiqi 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 Hainan Haiqi will offset losses from the drop in Hainan Haiqi's long position.| Tianjin Realty vs. Jiangxi JDL Environmental | Tianjin Realty vs. Duzhe Publishing Media | Tianjin Realty vs. Beijing SPC Environment | Tianjin Realty vs. Heilongjiang Publishing Media |
| Hainan Haiqi vs. Maccura Biotechnology Co | Hainan Haiqi vs. Yili Chuanning Biotechnology | Hainan Haiqi vs. CITIC Guoan Information | Hainan Haiqi vs. Focus Media Information |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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