Correlation Between Harbin Hatou and Bus Online
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By analyzing existing cross correlation between Harbin Hatou Investment and Bus Online Co, you can compare the effects of market volatilities on Harbin Hatou and Bus Online 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 Bus Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and Bus Online.
Diversification Opportunities for Harbin Hatou and Bus Online
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Harbin and Bus is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and Bus Online Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bus Online 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 Bus Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bus Online has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and Bus Online go up and down completely randomly.
Pair Corralation between Harbin Hatou and Bus Online
Assuming the 90 days trading horizon Harbin Hatou Investment is expected to generate 0.82 times more return on investment than Bus Online. However, Harbin Hatou Investment is 1.23 times less risky than Bus Online. It trades about 0.02 of its potential returns per unit of risk. Bus Online Co is currently generating about -0.01 per unit of risk. If you would invest 594.00 in Harbin Hatou Investment on October 16, 2024 and sell it today you would earn a total of 48.00 from holding Harbin Hatou Investment or generate 8.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harbin Hatou Investment vs. Bus Online Co
Performance |
| Timeline |
| Harbin Hatou Investment |
| Bus Online |
Harbin Hatou and Bus Online Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and Bus Online
The main advantage of trading using opposite Harbin Hatou and Bus Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, Bus Online 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 Bus Online will offset losses from the drop in Bus Online's long position.| Harbin Hatou vs. Shandong Homey Aquatic | Harbin Hatou vs. Sino Platinum Metals Co | Harbin Hatou vs. Nanxing Furniture Machinery | Harbin Hatou vs. AUPU Home Style |
| Bus Online vs. Ziel Home Furnishing | Bus Online vs. Hunan Investment Group | Bus Online vs. Harbin Hatou Investment | Bus Online vs. Vohringer Home Technology |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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