Correlation Between Harbin Hatou and Anker Innovations
Specify exactly 2 symbols:
By analyzing existing cross correlation between Harbin Hatou Investment and Anker Innovations Technology, you can compare the effects of market volatilities on Harbin Hatou and Anker Innovations 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 Anker Innovations. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and Anker Innovations.
Diversification Opportunities for Harbin Hatou and Anker Innovations
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Harbin and Anker is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and Anker Innovations Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anker Innovations 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 Anker Innovations. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anker Innovations has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and Anker Innovations go up and down completely randomly.
Pair Corralation between Harbin Hatou and Anker Innovations
Assuming the 90 days trading horizon Harbin Hatou Investment is expected to under-perform the Anker Innovations. In addition to that, Harbin Hatou is 1.11 times more volatile than Anker Innovations Technology. It trades about -0.35 of its total potential returns per unit of risk. Anker Innovations Technology is currently generating about 0.25 per unit of volatility. If you would invest 9,040 in Anker Innovations Technology on October 14, 2024 and sell it today you would earn a total of 1,210 from holding Anker Innovations Technology or generate 13.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harbin Hatou Investment vs. Anker Innovations Technology
Performance |
| Timeline |
| Harbin Hatou Investment |
| Anker Innovations |
Harbin Hatou and Anker Innovations Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and Anker Innovations
The main advantage of trading using opposite Harbin Hatou and Anker Innovations positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, Anker Innovations 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 Anker Innovations will offset losses from the drop in Anker Innovations' long position.| Harbin Hatou vs. Dongfeng Automobile Co | Harbin Hatou vs. Guotai Epoint Software | Harbin Hatou vs. Anhui Jianghuai Automobile | Harbin Hatou vs. Beijing Baolande Software |
| Anker Innovations vs. Harvest Fund Management | Anker Innovations vs. Zhejiang Construction Investment | Anker Innovations vs. Shenzhen Centralcon Investment | Anker Innovations vs. Harbin Hatou Investment |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |