Correlation Between Heilongjiang Agriculture and Dow Jones
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By analyzing existing cross correlation between Heilongjiang Agriculture Co and Dow Jones Industrial, you can compare the effects of market volatilities on Heilongjiang Agriculture and Dow Jones 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 Heilongjiang Agriculture with a short position of Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heilongjiang Agriculture and Dow Jones.
Diversification Opportunities for Heilongjiang Agriculture and Dow Jones
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Heilongjiang and Dow is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Heilongjiang Agriculture Co and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial and Heilongjiang Agriculture 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 Heilongjiang Agriculture Co are associated (or correlated) with Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of Heilongjiang Agriculture i.e., Heilongjiang Agriculture and Dow Jones go up and down completely randomly.
Pair Corralation between Heilongjiang Agriculture and Dow Jones
Assuming the 90 days trading horizon Heilongjiang Agriculture Co is expected to under-perform the Dow Jones. In addition to that, Heilongjiang Agriculture is 1.88 times more volatile than Dow Jones Industrial. It trades about -0.11 of its total potential returns per unit of risk. Dow Jones Industrial is currently generating about 0.02 per unit of volatility. If you would invest 4,326,894 in Dow Jones Industrial on October 20, 2024 and sell it today you would earn a total of 21,889 from holding Dow Jones Industrial or generate 0.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Heilongjiang Agriculture Co vs. Dow Jones Industrial
Performance |
| Timeline |
Heilongjiang Agriculture and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
Heilongjiang Agriculture Co
Pair trading matchups for Heilongjiang Agriculture
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with Heilongjiang Agriculture and Dow Jones
The main advantage of trading using opposite Heilongjiang Agriculture and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heilongjiang Agriculture position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.| Heilongjiang Agriculture vs. V V Food | Heilongjiang Agriculture vs. HaiXin Foods Co | Heilongjiang Agriculture vs. Olympic Circuit Technology | Heilongjiang Agriculture vs. Namchow Food Group |
| Dow Jones vs. SkyWest | Dow Jones vs. Air Transport Services | Dow Jones vs. LATAM Airlines Group | Dow Jones vs. Emerson Radio |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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