Correlation Between Hubei Geoway and Inner Mongolia
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By analyzing existing cross correlation between Hubei Geoway Investment and Inner Mongolia Yuan, you can compare the effects of market volatilities on Hubei Geoway and Inner Mongolia 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 Inner Mongolia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hubei Geoway and Inner Mongolia.
Diversification Opportunities for Hubei Geoway and Inner Mongolia
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hubei and Inner is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Hubei Geoway Investment and Inner Mongolia Yuan in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inner Mongolia Yuan 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 Inner Mongolia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inner Mongolia Yuan has no effect on the direction of Hubei Geoway i.e., Hubei Geoway and Inner Mongolia go up and down completely randomly.
Pair Corralation between Hubei Geoway and Inner Mongolia
Assuming the 90 days trading horizon Hubei Geoway Investment is expected to under-perform the Inner Mongolia. In addition to that, Hubei Geoway is 1.31 times more volatile than Inner Mongolia Yuan. It trades about -0.01 of its total potential returns per unit of risk. Inner Mongolia Yuan is currently generating about 0.01 per unit of volatility. If you would invest 582.00 in Inner Mongolia Yuan on November 2, 2024 and sell it today you would lose (7.00) from holding Inner Mongolia Yuan or give up 1.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hubei Geoway Investment vs. Inner Mongolia Yuan
Performance |
| Timeline |
| Hubei Geoway Investment |
| Inner Mongolia Yuan |
Hubei Geoway and Inner Mongolia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hubei Geoway and Inner Mongolia
The main advantage of trading using opposite Hubei Geoway and Inner Mongolia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hubei Geoway position performs unexpectedly, Inner Mongolia 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 Inner Mongolia will offset losses from the drop in Inner Mongolia's long position.| Hubei Geoway vs. Sichuan Fulin Transportation | Hubei Geoway vs. Lander Sports Development | Hubei Geoway vs. Double Medical Technology | Hubei Geoway vs. Xiangyu Medical Co |
| Inner Mongolia vs. Zijin Mining Group | Inner Mongolia vs. Wanhua Chemical Group | Inner Mongolia vs. Baoshan Iron Steel | Inner Mongolia vs. Shandong Gold Mining |
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 CEOs Directory module to screen CEOs from public companies around the world.
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