Correlation Between Harbin Hatou and Heilongjiang Publishing
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By analyzing existing cross correlation between Harbin Hatou Investment and Heilongjiang Publishing Media, you can compare the effects of market volatilities on Harbin Hatou and Heilongjiang Publishing 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 Heilongjiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and Heilongjiang Publishing.
Diversification Opportunities for Harbin Hatou and Heilongjiang Publishing
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Harbin and Heilongjiang is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and Heilongjiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heilongjiang Publishing 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 Heilongjiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heilongjiang Publishing has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and Heilongjiang Publishing go up and down completely randomly.
Pair Corralation between Harbin Hatou and Heilongjiang Publishing
Assuming the 90 days trading horizon Harbin Hatou Investment is expected to generate 0.86 times more return on investment than Heilongjiang Publishing. However, Harbin Hatou Investment is 1.16 times less risky than Heilongjiang Publishing. It trades about -0.35 of its potential returns per unit of risk. Heilongjiang Publishing Media is currently generating about -0.44 per unit of risk. If you would invest 752.00 in Harbin Hatou Investment on October 14, 2024 and sell it today you would lose (149.00) from holding Harbin Hatou Investment or give up 19.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harbin Hatou Investment vs. Heilongjiang Publishing Media
Performance |
| Timeline |
| Harbin Hatou Investment |
| Heilongjiang Publishing |
Harbin Hatou and Heilongjiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and Heilongjiang Publishing
The main advantage of trading using opposite Harbin Hatou and Heilongjiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, Heilongjiang Publishing 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 Heilongjiang Publishing will offset losses from the drop in Heilongjiang Publishing's 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 |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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