Correlation Between Harbin Hatou and Shenzhen MYS
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By analyzing existing cross correlation between Harbin Hatou Investment and Shenzhen MYS Environmental, you can compare the effects of market volatilities on Harbin Hatou and Shenzhen MYS 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 Shenzhen MYS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and Shenzhen MYS.
Diversification Opportunities for Harbin Hatou and Shenzhen MYS
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Harbin and Shenzhen is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and Shenzhen MYS Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen MYS Environ 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 Shenzhen MYS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen MYS Environ has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and Shenzhen MYS go up and down completely randomly.
Pair Corralation between Harbin Hatou and Shenzhen MYS
Assuming the 90 days trading horizon Harbin Hatou Investment is expected to under-perform the Shenzhen MYS. In addition to that, Harbin Hatou is 1.03 times more volatile than Shenzhen MYS Environmental. It trades about -0.3 of its total potential returns per unit of risk. Shenzhen MYS Environmental is currently generating about -0.1 per unit of volatility. If you would invest 363.00 in Shenzhen MYS Environmental on October 30, 2024 and sell it today you would lose (23.00) from holding Shenzhen MYS Environmental or give up 6.34% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harbin Hatou Investment vs. Shenzhen MYS Environmental
Performance |
| Timeline |
| Harbin Hatou Investment |
| Shenzhen MYS Environ |
Harbin Hatou and Shenzhen MYS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and Shenzhen MYS
The main advantage of trading using opposite Harbin Hatou and Shenzhen MYS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, Shenzhen MYS 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 Shenzhen MYS will offset losses from the drop in Shenzhen MYS's long position.| Harbin Hatou vs. Kontour Medical Technology | Harbin Hatou vs. APT Medical | Harbin Hatou vs. Malion New Materials | Harbin Hatou vs. Capitalonline Data Service |
| Shenzhen MYS vs. Capitalonline Data Service | Shenzhen MYS vs. Fujian Nanwang Environment | Shenzhen MYS vs. Shandong Iron and | Shenzhen MYS vs. Chengdu Spaceon Electronics |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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