Correlation Between Hubei Geoway and Vanfund Urban
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By analyzing existing cross correlation between Hubei Geoway Investment and Vanfund Urban Investment, you can compare the effects of market volatilities on Hubei Geoway and Vanfund Urban 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 Hubei Geoway with a short position of Vanfund Urban. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hubei Geoway and Vanfund Urban.
Diversification Opportunities for Hubei Geoway and Vanfund Urban
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Hubei and Vanfund is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Hubei Geoway Investment and Vanfund Urban Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vanfund Urban Investment and Hubei Geoway 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 Hubei Geoway Investment are associated (or correlated) with Vanfund Urban. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vanfund Urban Investment has no effect on the direction of Hubei Geoway i.e., Hubei Geoway and Vanfund Urban go up and down completely randomly.
Pair Corralation between Hubei Geoway and Vanfund Urban
Assuming the 90 days trading horizon Hubei Geoway Investment is expected to under-perform the Vanfund Urban. But the stock apears to be less risky and, when comparing its historical volatility, Hubei Geoway Investment is 1.35 times less risky than Vanfund Urban. The stock trades about -0.02 of its potential returns per unit of risk. The Vanfund Urban Investment is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 594.00 in Vanfund Urban Investment on August 30, 2024 and sell it today you would lose (50.00) from holding Vanfund Urban Investment or give up 8.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hubei Geoway Investment vs. Vanfund Urban Investment
Performance |
| Timeline |
| Hubei Geoway Investment |
| Vanfund Urban Investment |
Hubei Geoway and Vanfund Urban Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hubei Geoway and Vanfund Urban
The main advantage of trading using opposite Hubei Geoway and Vanfund Urban positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hubei Geoway position performs unexpectedly, Vanfund Urban 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 Vanfund Urban will offset losses from the drop in Vanfund Urban's long position.| Hubei Geoway vs. Ningxia Building Materials | Hubei Geoway vs. Orinko Advanced Plastics | Hubei Geoway vs. Sanxiang Advanced Materials | Hubei Geoway vs. Ningbo Tip Rubber |
| Vanfund Urban vs. PetroChina Co Ltd | Vanfund Urban vs. China State Construction | Vanfund Urban vs. China Mobile Limited | Vanfund Urban vs. Industrial and Commercial |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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