Correlation Between Pengxin International and Harbin Hatou
Specify exactly 2 symbols:
By analyzing existing cross correlation between Pengxin International Mining and Harbin Hatou Investment, you can compare the effects of market volatilities on Pengxin International 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 Pengxin International with a short position of Harbin Hatou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pengxin International and Harbin Hatou.
Diversification Opportunities for Pengxin International and Harbin Hatou
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Pengxin and Harbin is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Pengxin International Mining 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 Pengxin International 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 Pengxin International Mining 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 Pengxin International i.e., Pengxin International and Harbin Hatou go up and down completely randomly.
Pair Corralation between Pengxin International and Harbin Hatou
Assuming the 90 days trading horizon Pengxin International is expected to generate 5.38 times less return on investment than Harbin Hatou. But when comparing it to its historical volatility, Pengxin International Mining is 1.15 times less risky than Harbin Hatou. It trades about 0.02 of its potential returns per unit of risk. Harbin Hatou Investment is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 714.00 in Harbin Hatou Investment on September 5, 2024 and sell it today you would earn a total of 58.00 from holding Harbin Hatou Investment or generate 8.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pengxin International Mining vs. Harbin Hatou Investment
Performance |
| Timeline |
| Pengxin International |
| Harbin Hatou Investment |
Pengxin International and Harbin Hatou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pengxin International and Harbin Hatou
The main advantage of trading using opposite Pengxin International and Harbin Hatou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pengxin International 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.| Pengxin International vs. Gem Year Industrial Co | Pengxin International vs. ButOne Information Corp | Pengxin International vs. CITIC Metal Co | Pengxin International vs. Qinghaihuading Industrial Co |
| Harbin Hatou vs. Fujian Oriental Silver | Harbin Hatou vs. Xizi Clean Energy | Harbin Hatou vs. Pengxin International Mining | Harbin Hatou vs. Guangdong Shenglu Telecommunication |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |