Correlation Between Metro Investment and Hainan Haiqi
Specify exactly 2 symbols:
By analyzing existing cross correlation between Metro Investment Development and Hainan Haiqi Transportation, you can compare the effects of market volatilities on Metro Investment and Hainan Haiqi 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 Metro Investment with a short position of Hainan Haiqi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Metro Investment and Hainan Haiqi.
Diversification Opportunities for Metro Investment and Hainan Haiqi
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Metro and Hainan is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Metro Investment Development and Hainan Haiqi Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Haiqi Transpo and Metro Investment 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 Metro Investment Development are associated (or correlated) with Hainan Haiqi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Haiqi Transpo has no effect on the direction of Metro Investment i.e., Metro Investment and Hainan Haiqi go up and down completely randomly.
Pair Corralation between Metro Investment and Hainan Haiqi
Assuming the 90 days trading horizon Metro Investment Development is expected to generate 1.24 times more return on investment than Hainan Haiqi. However, Metro Investment is 1.24 times more volatile than Hainan Haiqi Transportation. It trades about 0.0 of its potential returns per unit of risk. Hainan Haiqi Transportation is currently generating about -0.01 per unit of risk. If you would invest 504.00 in Metro Investment Development on November 27, 2024 and sell it today you would lose (107.00) from holding Metro Investment Development or give up 21.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Metro Investment Development vs. Hainan Haiqi Transportation
Performance |
| Timeline |
| Metro Investment Dev |
| Hainan Haiqi Transpo |
Metro Investment and Hainan Haiqi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Metro Investment and Hainan Haiqi
The main advantage of trading using opposite Metro Investment and Hainan Haiqi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Metro Investment position performs unexpectedly, Hainan Haiqi 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 Hainan Haiqi will offset losses from the drop in Hainan Haiqi's long position.| Metro Investment vs. Guangzhou Zhujiang Brewery | Metro Investment vs. Chison Medical Technologies | Metro Investment vs. Eastroc Beverage Group | Metro Investment vs. Sportsoul Co Ltd |
| Hainan Haiqi vs. Chengtun Mining Group | Hainan Haiqi vs. Haima Automobile Group | Hainan Haiqi vs. Chongqing Changan Automobile | Hainan Haiqi vs. Tibet Huayu Mining |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |