Correlation Between Jiangsu Yueda and Harbin Air
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Yueda Investment and Harbin Air Conditioning, you can compare the effects of market volatilities on Jiangsu Yueda 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 Jiangsu Yueda with a short position of Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Yueda and Harbin Air.
Diversification Opportunities for Jiangsu Yueda and Harbin Air
0.99 | Correlation Coefficient |
No risk reduction
The 3 months correlation between Jiangsu and Harbin is 0.99. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Yueda Investment 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 Jiangsu Yueda 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 Jiangsu Yueda Investment 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 Jiangsu Yueda i.e., Jiangsu Yueda and Harbin Air go up and down completely randomly.
Pair Corralation between Jiangsu Yueda and Harbin Air
Assuming the 90 days trading horizon Jiangsu Yueda is expected to generate 1.2 times less return on investment than Harbin Air. But when comparing it to its historical volatility, Jiangsu Yueda Investment is 1.18 times less risky than Harbin Air. It trades about 0.24 of its potential returns per unit of risk. Harbin Air Conditioning is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 482.00 in Harbin Air Conditioning on September 14, 2024 and sell it today you would earn a total of 56.00 from holding Harbin Air Conditioning or generate 11.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Yueda Investment vs. Harbin Air Conditioning
Performance |
| Timeline |
| Jiangsu Yueda Investment |
| Harbin Air Conditioning |
Jiangsu Yueda and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Yueda and Harbin Air
The main advantage of trading using opposite Jiangsu Yueda and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Yueda 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.| Jiangsu Yueda vs. Lutian Machinery Co | Jiangsu Yueda vs. China Longyuan Power | Jiangsu Yueda vs. PetroChina Co Ltd | Jiangsu Yueda vs. Bank of China |
| Harbin Air vs. PetroChina Co Ltd | Harbin Air vs. China Mobile Limited | Harbin Air vs. CNOOC Limited | Harbin Air vs. Ping An Insurance |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Commodity Directory Find actively traded commodities issued by global exchanges |