Correlation Between Harbin Hatou and Unigroup Guoxin
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By analyzing existing cross correlation between Harbin Hatou Investment and Unigroup Guoxin Microelectronics, you can compare the effects of market volatilities on Harbin Hatou and Unigroup Guoxin 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 Harbin Hatou with a short position of Unigroup Guoxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and Unigroup Guoxin.
Diversification Opportunities for Harbin Hatou and Unigroup Guoxin
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Harbin and Unigroup is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and Unigroup Guoxin Microelectroni in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unigroup Guoxin Micr and Harbin Hatou 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 Harbin Hatou Investment are associated (or correlated) with Unigroup Guoxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unigroup Guoxin Micr has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and Unigroup Guoxin go up and down completely randomly.
Pair Corralation between Harbin Hatou and Unigroup Guoxin
Assuming the 90 days trading horizon Harbin Hatou Investment is expected to generate 1.12 times more return on investment than Unigroup Guoxin. However, Harbin Hatou is 1.12 times more volatile than Unigroup Guoxin Microelectronics. It trades about -0.01 of its potential returns per unit of risk. Unigroup Guoxin Microelectronics is currently generating about -0.09 per unit of risk. If you would invest 662.00 in Harbin Hatou Investment on August 29, 2024 and sell it today you would lose (14.00) from holding Harbin Hatou Investment or give up 2.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harbin Hatou Investment vs. Unigroup Guoxin Microelectroni
Performance |
| Timeline |
| Harbin Hatou Investment |
| Unigroup Guoxin Micr |
Harbin Hatou and Unigroup Guoxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and Unigroup Guoxin
The main advantage of trading using opposite Harbin Hatou and Unigroup Guoxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, Unigroup Guoxin 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 Unigroup Guoxin will offset losses from the drop in Unigroup Guoxin's long position.| Harbin Hatou vs. Changchun Faway Automobile | Harbin Hatou vs. Allmed Medical Products | Harbin Hatou vs. Sunny Loan Top | Harbin Hatou vs. Winner Medical Co |
| Unigroup Guoxin vs. Nanjing Putian Telecommunications | Unigroup Guoxin vs. Shenzhen Hifuture Electric | Unigroup Guoxin vs. Shenyang Huitian Thermal | Unigroup Guoxin vs. Jiangsu Xinning Modern |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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