Correlation Between Tibet Summit and Haima Automobile
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By analyzing existing cross correlation between Tibet Summit Resources and Haima Automobile Group, you can compare the effects of market volatilities on Tibet Summit and Haima Automobile 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 Tibet Summit with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tibet Summit and Haima Automobile.
Diversification Opportunities for Tibet Summit and Haima Automobile
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Tibet and Haima is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Tibet Summit Resources and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Tibet Summit 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 Tibet Summit Resources are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Tibet Summit i.e., Tibet Summit and Haima Automobile go up and down completely randomly.
Pair Corralation between Tibet Summit and Haima Automobile
Assuming the 90 days trading horizon Tibet Summit Resources is expected to under-perform the Haima Automobile. But the stock apears to be less risky and, when comparing its historical volatility, Tibet Summit Resources is 1.23 times less risky than Haima Automobile. The stock trades about -0.04 of its potential returns per unit of risk. The Haima Automobile Group is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 518.00 in Haima Automobile Group on September 2, 2024 and sell it today you would lose (68.00) from holding Haima Automobile Group or give up 13.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tibet Summit Resources vs. Haima Automobile Group
Performance |
| Timeline |
| Tibet Summit Resources |
| Haima Automobile |
Tibet Summit and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tibet Summit and Haima Automobile
The main advantage of trading using opposite Tibet Summit and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tibet Summit position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Tibet Summit vs. Zijin Mining Group | Tibet Summit vs. Wanhua Chemical Group | Tibet Summit vs. Baoshan Iron Steel | Tibet Summit vs. Shandong Gold Mining |
| Haima Automobile vs. Cicc Fund Management | Haima Automobile vs. JiShi Media Co | Haima Automobile vs. Thinkingdom Media Group | Haima Automobile vs. Harvest Fund Management |
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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