Correlation Between Sino Platinum and Harbin Hatou
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By analyzing existing cross correlation between Sino Platinum Metals Co and Harbin Hatou Investment, you can compare the effects of market volatilities on Sino Platinum and Harbin Hatou 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 Sino Platinum with a short position of Harbin Hatou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sino Platinum and Harbin Hatou.
Diversification Opportunities for Sino Platinum and Harbin Hatou
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sino and Harbin is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Sino Platinum Metals Co and Harbin Hatou Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Hatou Investment and Sino Platinum 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 Sino Platinum Metals Co are associated (or correlated) with Harbin Hatou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Hatou Investment has no effect on the direction of Sino Platinum i.e., Sino Platinum and Harbin Hatou go up and down completely randomly.
Pair Corralation between Sino Platinum and Harbin Hatou
Assuming the 90 days trading horizon Sino Platinum Metals Co is expected to generate 0.33 times more return on investment than Harbin Hatou. However, Sino Platinum Metals Co is 3.02 times less risky than Harbin Hatou. It trades about -0.04 of its potential returns per unit of risk. Harbin Hatou Investment is currently generating about -0.02 per unit of risk. If you would invest 1,404 in Sino Platinum Metals Co on October 30, 2024 and sell it today you would lose (32.00) from holding Sino Platinum Metals Co or give up 2.28% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sino Platinum Metals Co vs. Harbin Hatou Investment
Performance |
| Timeline |
| Sino Platinum Metals |
| Harbin Hatou Investment |
Sino Platinum and Harbin Hatou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sino Platinum and Harbin Hatou
The main advantage of trading using opposite Sino Platinum and Harbin Hatou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sino Platinum position performs unexpectedly, Harbin Hatou 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 Harbin Hatou will offset losses from the drop in Harbin Hatou's long position.| Sino Platinum vs. Tongding Interconnection Information | Sino Platinum vs. Sharetronic Data Technology | Sino Platinum vs. Hygon Information Technology | Sino Platinum vs. Bonree Data Technology |
| Harbin Hatou vs. Kontour Medical Technology | Harbin Hatou vs. APT Medical | Harbin Hatou vs. Malion New Materials | Harbin Hatou vs. Capitalonline Data Service |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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