Correlation Between Harbin Hatou and Tianshui Huatian
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By analyzing existing cross correlation between Harbin Hatou Investment and Tianshui Huatian Technology, you can compare the effects of market volatilities on Harbin Hatou and Tianshui Huatian 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 Tianshui Huatian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and Tianshui Huatian.
Diversification Opportunities for Harbin Hatou and Tianshui Huatian
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Harbin and Tianshui is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and Tianshui Huatian Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianshui Huatian Tec 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 Tianshui Huatian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianshui Huatian Tec has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and Tianshui Huatian go up and down completely randomly.
Pair Corralation between Harbin Hatou and Tianshui Huatian
Assuming the 90 days trading horizon Harbin Hatou Investment is expected to generate 0.87 times more return on investment than Tianshui Huatian. However, Harbin Hatou Investment is 1.15 times less risky than Tianshui Huatian. It trades about -0.1 of its potential returns per unit of risk. Tianshui Huatian Technology is currently generating about -0.14 per unit of risk. If you would invest 620.00 in Harbin Hatou Investment on January 26, 2025 and sell it today you would lose (37.00) from holding Harbin Hatou Investment or give up 5.97% 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. Tianshui Huatian Technology
Performance |
| Timeline |
| Harbin Hatou Investment |
| Tianshui Huatian Tec |
Harbin Hatou and Tianshui Huatian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and Tianshui Huatian
The main advantage of trading using opposite Harbin Hatou and Tianshui Huatian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, Tianshui Huatian 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 Tianshui Huatian will offset losses from the drop in Tianshui Huatian's long position.| Harbin Hatou vs. GUOMAI Culture Media | Harbin Hatou vs. 37 Interactive Entertainment | Harbin Hatou vs. Wasu Media Holding | Harbin Hatou vs. LianChuang Electronic Technology |
| Tianshui Huatian vs. Zhejiang Construction Investment | Tianshui Huatian vs. Dalian Zeus Entertainment | Tianshui Huatian vs. JiShi Media Co | Tianshui Huatian vs. Guangdong Jinma Entertainment |
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.
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