Correlation Between Fujian Oriental and Harvest Fund
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By analyzing existing cross correlation between Fujian Oriental Silver and Harvest Fund Management, you can compare the effects of market volatilities on Fujian Oriental and Harvest Fund 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 Fujian Oriental with a short position of Harvest Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Oriental and Harvest Fund.
Diversification Opportunities for Fujian Oriental and Harvest Fund
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Fujian and Harvest is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Oriental Silver and Harvest Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harvest Fund Management and Fujian Oriental 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 Fujian Oriental Silver are associated (or correlated) with Harvest Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harvest Fund Management has no effect on the direction of Fujian Oriental i.e., Fujian Oriental and Harvest Fund go up and down completely randomly.
Pair Corralation between Fujian Oriental and Harvest Fund
Assuming the 90 days trading horizon Fujian Oriental Silver is expected to under-perform the Harvest Fund. In addition to that, Fujian Oriental is 7.43 times more volatile than Harvest Fund Management. It trades about -0.11 of its total potential returns per unit of risk. Harvest Fund Management is currently generating about 0.0 per unit of volatility. If you would invest 257.00 in Harvest Fund Management on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Harvest Fund Management or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Oriental Silver vs. Harvest Fund Management
Performance |
| Timeline |
| Fujian Oriental Silver |
| Harvest Fund Management |
Fujian Oriental and Harvest Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Oriental and Harvest Fund
The main advantage of trading using opposite Fujian Oriental and Harvest Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Oriental position performs unexpectedly, Harvest Fund 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 Harvest Fund will offset losses from the drop in Harvest Fund's long position.| Fujian Oriental vs. Harvest Fund Management | Fujian Oriental vs. Qingdao Foods Co | Fujian Oriental vs. Shantou Wanshun Package | Fujian Oriental vs. Beijing Sanyuan Foods |
| Harvest Fund vs. Industrial and Commercial | Harvest Fund vs. Kweichow Moutai Co | Harvest Fund vs. Agricultural Bank of | Harvest Fund 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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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