Correlation Between Hang Xiao and Beijing Roborock
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By analyzing existing cross correlation between Hang Xiao Steel and Beijing Roborock Technology, you can compare the effects of market volatilities on Hang Xiao and Beijing Roborock 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 Hang Xiao with a short position of Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hang Xiao and Beijing Roborock.
Diversification Opportunities for Hang Xiao and Beijing Roborock
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hang and Beijing is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Hang Xiao Steel and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec and Hang Xiao 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 Hang Xiao Steel are associated (or correlated) with Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Hang Xiao i.e., Hang Xiao and Beijing Roborock go up and down completely randomly.
Pair Corralation between Hang Xiao and Beijing Roborock
Assuming the 90 days trading horizon Hang Xiao Steel is expected to generate 0.78 times more return on investment than Beijing Roborock. However, Hang Xiao Steel is 1.27 times less risky than Beijing Roborock. It trades about 0.07 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about -0.05 per unit of risk. If you would invest 295.00 in Hang Xiao Steel on September 14, 2024 and sell it today you would earn a total of 9.00 from holding Hang Xiao Steel or generate 3.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hang Xiao Steel vs. Beijing Roborock Technology
Performance |
| Timeline |
| Hang Xiao Steel |
| Beijing Roborock Tec |
Hang Xiao and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hang Xiao and Beijing Roborock
The main advantage of trading using opposite Hang Xiao and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hang Xiao position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| Hang Xiao vs. Sanan Optoelectronics Co | Hang Xiao vs. Olympic Circuit Technology | Hang Xiao vs. Bomin Electronics Co | Hang Xiao vs. Unigroup Guoxin Microelectronics |
| Beijing Roborock vs. Ningxia Younglight Chemicals | Beijing Roborock vs. Shenzhen SDG Information | Beijing Roborock vs. Digital China Information | Beijing Roborock vs. Ningbo Bohui Chemical |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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