Correlation Between Hubei Geoway and Rising Nonferrous
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By analyzing existing cross correlation between Hubei Geoway Investment and Rising Nonferrous Metals, you can compare the effects of market volatilities on Hubei Geoway and Rising Nonferrous 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 Rising Nonferrous. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hubei Geoway and Rising Nonferrous.
Diversification Opportunities for Hubei Geoway and Rising Nonferrous
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hubei and Rising is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Hubei Geoway Investment and Rising Nonferrous Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rising Nonferrous Metals 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 Rising Nonferrous. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rising Nonferrous Metals has no effect on the direction of Hubei Geoway i.e., Hubei Geoway and Rising Nonferrous go up and down completely randomly.
Pair Corralation between Hubei Geoway and Rising Nonferrous
Assuming the 90 days trading horizon Hubei Geoway Investment is expected to generate 1.24 times more return on investment than Rising Nonferrous. However, Hubei Geoway is 1.24 times more volatile than Rising Nonferrous Metals. It trades about -0.01 of its potential returns per unit of risk. Rising Nonferrous Metals is currently generating about -0.04 per unit of risk. If you would invest 211.00 in Hubei Geoway Investment on October 29, 2024 and sell it today you would lose (65.00) from holding Hubei Geoway Investment or give up 30.81% 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. Rising Nonferrous Metals
Performance |
| Timeline |
| Hubei Geoway Investment |
| Rising Nonferrous Metals |
Hubei Geoway and Rising Nonferrous Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hubei Geoway and Rising Nonferrous
The main advantage of trading using opposite Hubei Geoway and Rising Nonferrous positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hubei Geoway position performs unexpectedly, Rising Nonferrous 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 Rising Nonferrous will offset losses from the drop in Rising Nonferrous' long position.| Hubei Geoway vs. Ping An Insurance | Hubei Geoway vs. HeNan Splendor Science | Hubei Geoway vs. Bank of Suzhou | Hubei Geoway vs. Qilu Bank Co |
| Rising Nonferrous vs. Zijin Mining Group | Rising Nonferrous vs. Wanhua Chemical Group | Rising Nonferrous vs. Baoshan Iron Steel | Rising Nonferrous vs. Shandong Gold Mining |
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