Correlation Between Harbin Hatou and China Marine
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By analyzing existing cross correlation between Harbin Hatou Investment and China Marine Information, you can compare the effects of market volatilities on Harbin Hatou and China Marine 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 China Marine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and China Marine.
Diversification Opportunities for Harbin Hatou and China Marine
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Harbin and China is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and China Marine Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Marine Information 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 China Marine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Marine Information has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and China Marine go up and down completely randomly.
Pair Corralation between Harbin Hatou and China Marine
Assuming the 90 days trading horizon Harbin Hatou Investment is expected to generate 1.0 times more return on investment than China Marine. However, Harbin Hatou Investment is 1.0 times less risky than China Marine. It trades about 0.03 of its potential returns per unit of risk. China Marine Information is currently generating about 0.01 per unit of risk. If you would invest 519.00 in Harbin Hatou Investment on October 9, 2024 and sell it today you would earn a total of 108.00 from holding Harbin Hatou Investment or generate 20.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Harbin Hatou Investment vs. China Marine Information
Performance |
| Timeline |
| Harbin Hatou Investment |
| China Marine Information |
Harbin Hatou and China Marine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and China Marine
The main advantage of trading using opposite Harbin Hatou and China Marine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, China Marine 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 China Marine will offset losses from the drop in China Marine's long position.| Harbin Hatou vs. Caihong Display Devices | Harbin Hatou vs. Guosheng Financial Holding | Harbin Hatou vs. Postal Savings Bank | Harbin Hatou vs. Offshore Oil Engineering |
| China Marine vs. Youyou Foods Co | China Marine vs. Guocheng Mining Co | China Marine vs. Muyuan Foodstuff Co | China Marine vs. China World Trade |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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