Correlation Between Keda Clean and Harbin Hatou
Specify exactly 2 symbols:
By analyzing existing cross correlation between Keda Clean Energy and Harbin Hatou Investment, you can compare the effects of market volatilities on Keda Clean 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 Keda Clean with a short position of Harbin Hatou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keda Clean and Harbin Hatou.
Diversification Opportunities for Keda Clean and Harbin Hatou
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Keda and Harbin is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Keda Clean Energy 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 Keda Clean 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 Keda Clean Energy 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 Keda Clean i.e., Keda Clean and Harbin Hatou go up and down completely randomly.
Pair Corralation between Keda Clean and Harbin Hatou
Assuming the 90 days trading horizon Keda Clean Energy is expected to under-perform the Harbin Hatou. But the stock apears to be less risky and, when comparing its historical volatility, Keda Clean Energy is 1.78 times less risky than Harbin Hatou. The stock trades about -0.04 of its potential returns per unit of risk. The Harbin Hatou Investment is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 723.00 in Harbin Hatou Investment on September 13, 2024 and sell it today you would earn a total of 11.00 from holding Harbin Hatou Investment or generate 1.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keda Clean Energy vs. Harbin Hatou Investment
Performance |
| Timeline |
| Keda Clean Energy |
| Harbin Hatou Investment |
Keda Clean and Harbin Hatou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keda Clean and Harbin Hatou
The main advantage of trading using opposite Keda Clean and Harbin Hatou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keda Clean 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.| Keda Clean vs. JuneYao Dairy Co | Keda Clean vs. Namchow Food Group | Keda Clean vs. Youyou Foods Co | Keda Clean vs. Beijing Sanyuan Foods |
| Harbin Hatou vs. Industrial and Commercial | Harbin Hatou vs. Agricultural Bank of | Harbin Hatou vs. China Construction Bank | Harbin Hatou vs. Bank of China |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |