Correlation Between Harbin Hatou and Eyebright Medical
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By analyzing existing cross correlation between Harbin Hatou Investment and Eyebright Medical Technology, you can compare the effects of market volatilities on Harbin Hatou and Eyebright Medical 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 Eyebright Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and Eyebright Medical.
Diversification Opportunities for Harbin Hatou and Eyebright Medical
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Harbin and Eyebright is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and Eyebright Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eyebright Medical 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 Eyebright Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eyebright Medical has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and Eyebright Medical go up and down completely randomly.
Pair Corralation between Harbin Hatou and Eyebright Medical
Assuming the 90 days trading horizon Harbin Hatou Investment is expected to under-perform the Eyebright Medical. In addition to that, Harbin Hatou is 1.3 times more volatile than Eyebright Medical Technology. It trades about -0.23 of its total potential returns per unit of risk. Eyebright Medical Technology is currently generating about 0.24 per unit of volatility. If you would invest 8,852 in Eyebright Medical Technology on October 22, 2024 and sell it today you would earn a total of 1,021 from holding Eyebright Medical Technology or generate 11.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harbin Hatou Investment vs. Eyebright Medical Technology
Performance |
| Timeline |
| Harbin Hatou Investment |
| Eyebright Medical |
Harbin Hatou and Eyebright Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and Eyebright Medical
The main advantage of trading using opposite Harbin Hatou and Eyebright Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, Eyebright Medical 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 Eyebright Medical will offset losses from the drop in Eyebright Medical's long position.| Harbin Hatou vs. Shanghai Phichem Material | Harbin Hatou vs. Chengdu Spaceon Electronics | Harbin Hatou vs. Jinsanjiang Silicon Material | Harbin Hatou vs. Fuda Alloy Materials |
| Eyebright Medical vs. Harbin Hatou Investment | Eyebright Medical vs. Kunwu Jiuding Investment | Eyebright Medical vs. TongFu Microelectronics Co | Eyebright Medical vs. Weihai Honglin Electronic |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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