Correlation Between Harbin Hatou and Yunnan Jianzhijia
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By analyzing existing cross correlation between Harbin Hatou Investment and Yunnan Jianzhijia Health Chain, you can compare the effects of market volatilities on Harbin Hatou and Yunnan Jianzhijia 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 Yunnan Jianzhijia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and Yunnan Jianzhijia.
Diversification Opportunities for Harbin Hatou and Yunnan Jianzhijia
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Harbin and Yunnan is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and Yunnan Jianzhijia Health Chain in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Jianzhijia 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 Yunnan Jianzhijia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Jianzhijia has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and Yunnan Jianzhijia go up and down completely randomly.
Pair Corralation between Harbin Hatou and Yunnan Jianzhijia
Assuming the 90 days trading horizon Harbin Hatou Investment is expected to generate 0.95 times more return on investment than Yunnan Jianzhijia. However, Harbin Hatou Investment is 1.05 times less risky than Yunnan Jianzhijia. It trades about 0.03 of its potential returns per unit of risk. Yunnan Jianzhijia Health Chain is currently generating about -0.04 per unit of risk. If you would invest 510.00 in Harbin Hatou Investment on October 25, 2024 and sell it today you would earn a total of 141.00 from holding Harbin Hatou Investment or generate 27.65% 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. Yunnan Jianzhijia Health Chain
Performance |
| Timeline |
| Harbin Hatou Investment |
| Yunnan Jianzhijia |
Harbin Hatou and Yunnan Jianzhijia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and Yunnan Jianzhijia
The main advantage of trading using opposite Harbin Hatou and Yunnan Jianzhijia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, Yunnan Jianzhijia 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 Yunnan Jianzhijia will offset losses from the drop in Yunnan Jianzhijia's long position.| Harbin Hatou vs. Agricultural Bank of | Harbin Hatou vs. Industrial and Commercial | Harbin Hatou vs. Bank of China | Harbin Hatou vs. China Construction Bank |
| Yunnan Jianzhijia vs. Pengxin International Mining | Yunnan Jianzhijia vs. Aluminum Corp of | Yunnan Jianzhijia vs. Anhui Transport Consulting | Yunnan Jianzhijia vs. Sichuan Yahua Industrial |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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