Correlation Between Harbin Hatou and Shenzhen
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By analyzing existing cross correlation between Harbin Hatou Investment and Shenzhen AV Display Co, you can compare the effects of market volatilities on Harbin Hatou and Shenzhen 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. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and Shenzhen.
Diversification Opportunities for Harbin Hatou and Shenzhen
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Harbin and Shenzhen is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and Shenzhen AV Display Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen AV Display 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. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen AV Display has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and Shenzhen go up and down completely randomly.
Pair Corralation between Harbin Hatou and Shenzhen
Assuming the 90 days trading horizon Harbin Hatou is expected to generate 268.75 times less return on investment than Shenzhen. But when comparing it to its historical volatility, Harbin Hatou Investment is 1.13 times less risky than Shenzhen. It trades about 0.0 of its potential returns per unit of risk. Shenzhen AV Display Co is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 2,957 in Shenzhen AV Display Co on November 4, 2024 and sell it today you would earn a total of 163.00 from holding Shenzhen AV Display Co or generate 5.51% 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. Shenzhen AV Display Co
Performance |
| Timeline |
| Harbin Hatou Investment |
| Shenzhen AV Display |
Harbin Hatou and Shenzhen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and Shenzhen
The main advantage of trading using opposite Harbin Hatou and Shenzhen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, Shenzhen 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 will offset losses from the drop in Shenzhen's long position.| Harbin Hatou vs. Hefei Metalforming Mach | Harbin Hatou vs. Bonree Data Technology | Harbin Hatou vs. Jiaozuo Wanfang Aluminum | Harbin Hatou vs. Ye Chiu Metal |
| Shenzhen vs. Yili Chuanning Biotechnology | Shenzhen vs. Zhonghong Pulin Medical | Shenzhen vs. Guangdong Marubi Biotechnology | Shenzhen vs. Eyebright Medical 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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