Correlation Between Hunan Tyen and China Galaxy
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hunan Tyen Machinery and China Galaxy Securities, you can compare the effects of market volatilities on Hunan Tyen and China Galaxy 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 Hunan Tyen with a short position of China Galaxy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan Tyen and China Galaxy.
Diversification Opportunities for Hunan Tyen and China Galaxy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hunan and China is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hunan Tyen Machinery and China Galaxy Securities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Galaxy Securities and Hunan Tyen 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 Hunan Tyen Machinery are associated (or correlated) with China Galaxy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Galaxy Securities has no effect on the direction of Hunan Tyen i.e., Hunan Tyen and China Galaxy go up and down completely randomly.
Pair Corralation between Hunan Tyen and China Galaxy
Assuming the 90 days trading horizon Hunan Tyen Machinery is expected to generate 1.99 times more return on investment than China Galaxy. However, Hunan Tyen is 1.99 times more volatile than China Galaxy Securities. It trades about 0.01 of its potential returns per unit of risk. China Galaxy Securities is currently generating about -0.13 per unit of risk. If you would invest 514.00 in Hunan Tyen Machinery on October 30, 2024 and sell it today you would lose (6.00) from holding Hunan Tyen Machinery or give up 1.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunan Tyen Machinery vs. China Galaxy Securities
Performance |
| Timeline |
| Hunan Tyen Machinery |
| China Galaxy Securities |
Hunan Tyen and China Galaxy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan Tyen and China Galaxy
The main advantage of trading using opposite Hunan Tyen and China Galaxy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan Tyen position performs unexpectedly, China Galaxy 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 China Galaxy will offset losses from the drop in China Galaxy's long position.| Hunan Tyen vs. Industrial and Commercial | Hunan Tyen vs. China Construction Bank | Hunan Tyen vs. Bank of China | Hunan Tyen vs. Agricultural Bank of |
| China Galaxy vs. Industrial and Commercial | China Galaxy vs. Kweichow Moutai Co | China Galaxy vs. Agricultural Bank of | China Galaxy vs. China Mobile Limited |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |