Correlation Between Harbin Hatou and Goke Microelectronics
Specify exactly 2 symbols:
By analyzing existing cross correlation between Harbin Hatou Investment and Goke Microelectronics Co, you can compare the effects of market volatilities on Harbin Hatou and Goke Microelectronics 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 Goke Microelectronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and Goke Microelectronics.
Diversification Opportunities for Harbin Hatou and Goke Microelectronics
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Harbin and Goke is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and Goke Microelectronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goke Microelectronics 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 Goke Microelectronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goke Microelectronics has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and Goke Microelectronics go up and down completely randomly.
Pair Corralation between Harbin Hatou and Goke Microelectronics
Assuming the 90 days trading horizon Harbin Hatou is expected to generate 1.27 times less return on investment than Goke Microelectronics. But when comparing it to its historical volatility, Harbin Hatou Investment is 1.33 times less risky than Goke Microelectronics. It trades about 0.06 of its potential returns per unit of risk. Goke Microelectronics Co is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 4,543 in Goke Microelectronics Co on October 18, 2024 and sell it today you would earn a total of 1,625 from holding Goke Microelectronics Co or generate 35.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harbin Hatou Investment vs. Goke Microelectronics Co
Performance |
| Timeline |
| Harbin Hatou Investment |
| Goke Microelectronics |
Harbin Hatou and Goke Microelectronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and Goke Microelectronics
The main advantage of trading using opposite Harbin Hatou and Goke Microelectronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, Goke Microelectronics 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 Goke Microelectronics will offset losses from the drop in Goke Microelectronics' long position.| Harbin Hatou vs. Industrial and Commercial | Harbin Hatou vs. Agricultural Bank of | Harbin Hatou vs. China Construction Bank | Harbin Hatou vs. Bank of China |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |