Correlation Between Cultural Investment and Harbin Air
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By analyzing existing cross correlation between Cultural Investment Holdings and Harbin Air Conditioning, you can compare the effects of market volatilities on Cultural Investment and Harbin Air 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 Cultural Investment with a short position of Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cultural Investment and Harbin Air.
Diversification Opportunities for Cultural Investment and Harbin Air
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Cultural and Harbin is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Cultural Investment Holdings and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning and Cultural 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 Cultural Investment Holdings are associated (or correlated) with Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of Cultural Investment i.e., Cultural Investment and Harbin Air go up and down completely randomly.
Pair Corralation between Cultural Investment and Harbin Air
Assuming the 90 days trading horizon Cultural Investment Holdings is expected to under-perform the Harbin Air. But the stock apears to be less risky and, when comparing its historical volatility, Cultural Investment Holdings is 2.23 times less risky than Harbin Air. The stock trades about -0.1 of its potential returns per unit of risk. The Harbin Air Conditioning is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 450.00 in Harbin Air Conditioning on October 23, 2024 and sell it today you would earn a total of 7.00 from holding Harbin Air Conditioning or generate 1.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cultural Investment Holdings vs. Harbin Air Conditioning
Performance |
| Timeline |
| Cultural Investment |
| Harbin Air Conditioning |
Cultural Investment and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cultural Investment and Harbin Air
The main advantage of trading using opposite Cultural Investment and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cultural Investment position performs unexpectedly, Harbin Air 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 Air will offset losses from the drop in Harbin Air's long position.| Cultural Investment vs. Ping An Insurance | Cultural Investment vs. Financial Street Holdings | Cultural Investment vs. Western Metal Materials | Cultural Investment vs. Agricultural Bank of |
| Harbin Air vs. Cultural Investment Holdings | Harbin Air vs. Anhui Deli Household | Harbin Air vs. Marssenger Kitchenware Co | Harbin Air vs. Jahen Household Products |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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