Correlation Between Harbin Hatou and Iat Automobile
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By analyzing existing cross correlation between Harbin Hatou Investment and Iat Automobile Technology, you can compare the effects of market volatilities on Harbin Hatou and Iat Automobile 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 Iat Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and Iat Automobile.
Diversification Opportunities for Harbin Hatou and Iat Automobile
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Harbin and Iat is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and Iat Automobile Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Iat Automobile Technology 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 Iat Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Iat Automobile Technology has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and Iat Automobile go up and down completely randomly.
Pair Corralation between Harbin Hatou and Iat Automobile
Assuming the 90 days trading horizon Harbin Hatou Investment is expected to generate 0.73 times more return on investment than Iat Automobile. However, Harbin Hatou Investment is 1.38 times less risky than Iat Automobile. It trades about 0.03 of its potential returns per unit of risk. Iat Automobile Technology is currently generating about 0.01 per unit of risk. If you would invest 504.00 in Harbin Hatou Investment on October 29, 2024 and sell it today you would earn a total of 151.00 from holding Harbin Hatou Investment or generate 29.96% 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. Iat Automobile Technology
Performance |
| Timeline |
| Harbin Hatou Investment |
| Iat Automobile Technology |
Harbin Hatou and Iat Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and Iat Automobile
The main advantage of trading using opposite Harbin Hatou and Iat Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, Iat Automobile 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 Iat Automobile will offset losses from the drop in Iat Automobile's long position.| Harbin Hatou vs. Shenyang Huitian Thermal | Harbin Hatou vs. Shaanxi Construction Machinery | Harbin Hatou vs. Guangzhou KDT Machinery | Harbin Hatou vs. Linzhou Heavy Machinery |
| Iat Automobile vs. Puya Semiconductor Shanghai | Iat Automobile vs. Aluminum Corp of | Iat Automobile vs. StarPower Semiconductor | Iat Automobile vs. Shanghai Yanpu Metal |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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