Correlation Between HeBei Jinniu and Autek China
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By analyzing existing cross correlation between HeBei Jinniu Chemical and Autek China, you can compare the effects of market volatilities on HeBei Jinniu and Autek China 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 HeBei Jinniu with a short position of Autek China. Check out your portfolio center. Please also check ongoing floating volatility patterns of HeBei Jinniu and Autek China.
Diversification Opportunities for HeBei Jinniu and Autek China
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between HeBei and Autek is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding HeBei Jinniu Chemical and Autek China in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Autek China and HeBei Jinniu 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 HeBei Jinniu Chemical are associated (or correlated) with Autek China. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Autek China has no effect on the direction of HeBei Jinniu i.e., HeBei Jinniu and Autek China go up and down completely randomly.
Pair Corralation between HeBei Jinniu and Autek China
Assuming the 90 days trading horizon HeBei Jinniu Chemical is expected to generate 0.95 times more return on investment than Autek China. However, HeBei Jinniu Chemical is 1.05 times less risky than Autek China. It trades about 0.04 of its potential returns per unit of risk. Autek China is currently generating about 0.0 per unit of risk. If you would invest 496.00 in HeBei Jinniu Chemical on September 12, 2024 and sell it today you would earn a total of 84.00 from holding HeBei Jinniu Chemical or generate 16.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HeBei Jinniu Chemical vs. Autek China
Performance |
| Timeline |
| HeBei Jinniu Chemical |
| Autek China |
HeBei Jinniu and Autek China Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HeBei Jinniu and Autek China
The main advantage of trading using opposite HeBei Jinniu and Autek China positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HeBei Jinniu position performs unexpectedly, Autek China 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 Autek China will offset losses from the drop in Autek China's long position.| HeBei Jinniu vs. Ye Chiu Metal | HeBei Jinniu vs. ZYF Lopsking Aluminum | HeBei Jinniu vs. Changchun Faway Automobile | HeBei Jinniu vs. Anhui Jianghuai Automobile |
| Autek China vs. Peoples Insurance of | Autek China vs. Guosheng Financial Holding | Autek China vs. Lier Chemical Co | Autek China vs. HeBei Jinniu Chemical |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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