Correlation Between Chinese Universe and HaiXin Foods
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By analyzing existing cross correlation between Chinese Universe Publishing and HaiXin Foods Co, you can compare the effects of market volatilities on Chinese Universe and HaiXin Foods 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 Chinese Universe with a short position of HaiXin Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chinese Universe and HaiXin Foods.
Diversification Opportunities for Chinese Universe and HaiXin Foods
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Chinese and HaiXin is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Chinese Universe Publishing and HaiXin Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HaiXin Foods and Chinese Universe 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 Chinese Universe Publishing are associated (or correlated) with HaiXin Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HaiXin Foods has no effect on the direction of Chinese Universe i.e., Chinese Universe and HaiXin Foods go up and down completely randomly.
Pair Corralation between Chinese Universe and HaiXin Foods
Assuming the 90 days trading horizon Chinese Universe is expected to generate 8.7 times less return on investment than HaiXin Foods. But when comparing it to its historical volatility, Chinese Universe Publishing is 1.67 times less risky than HaiXin Foods. It trades about 0.05 of its potential returns per unit of risk. HaiXin Foods Co is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 445.00 in HaiXin Foods Co on September 12, 2024 and sell it today you would earn a total of 91.00 from holding HaiXin Foods Co or generate 20.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chinese Universe Publishing vs. HaiXin Foods Co
Performance |
| Timeline |
| Chinese Universe Pub |
| HaiXin Foods |
Chinese Universe and HaiXin Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chinese Universe and HaiXin Foods
The main advantage of trading using opposite Chinese Universe and HaiXin Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chinese Universe position performs unexpectedly, HaiXin Foods 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 HaiXin Foods will offset losses from the drop in HaiXin Foods' long position.| Chinese Universe vs. Kweichow Moutai Co | Chinese Universe vs. Shenzhen Mindray Bio Medical | Chinese Universe vs. G bits Network Technology | Chinese Universe vs. Beijing Roborock Technology |
| HaiXin Foods vs. China Petroleum Chemical | HaiXin Foods vs. PetroChina Co Ltd | HaiXin Foods vs. China State Construction | HaiXin Foods vs. China Railway Group |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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