Correlation Between Harbin Hatou and Keda Clean
Specify exactly 2 symbols:
By analyzing existing cross correlation between Harbin Hatou Investment and Keda Clean Energy, you can compare the effects of market volatilities on Harbin Hatou and Keda Clean 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 Keda Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and Keda Clean.
Diversification Opportunities for Harbin Hatou and Keda Clean
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Harbin and Keda is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and Keda Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keda Clean Energy 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 Keda Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keda Clean Energy has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and Keda Clean go up and down completely randomly.
Pair Corralation between Harbin Hatou and Keda Clean
Assuming the 90 days trading horizon Harbin Hatou Investment is expected to generate 1.78 times more return on investment than Keda Clean. However, Harbin Hatou is 1.78 times more volatile than Keda Clean Energy. It trades about 0.04 of its potential returns per unit of risk. Keda Clean Energy is currently generating about -0.04 per unit of risk. If you would invest 723.00 in Harbin Hatou Investment on September 13, 2024 and sell it today you would earn a total of 11.00 from holding Harbin Hatou Investment or generate 1.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harbin Hatou Investment vs. Keda Clean Energy
Performance |
| Timeline |
| Harbin Hatou Investment |
| Keda Clean Energy |
Harbin Hatou and Keda Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and Keda Clean
The main advantage of trading using opposite Harbin Hatou and Keda Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, Keda Clean 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 Keda Clean will offset losses from the drop in Keda Clean's 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 |
| Keda Clean vs. JuneYao Dairy Co | Keda Clean vs. Namchow Food Group | Keda Clean vs. Youyou Foods Co | Keda Clean vs. Beijing Sanyuan Foods |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |