Correlation Between Harbin Hatou and Thinkon Semiconductor
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By analyzing existing cross correlation between Harbin Hatou Investment and Thinkon Semiconductor Jinzhou, you can compare the effects of market volatilities on Harbin Hatou and Thinkon Semiconductor 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 Thinkon Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and Thinkon Semiconductor.
Diversification Opportunities for Harbin Hatou and Thinkon Semiconductor
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Harbin and Thinkon is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and Thinkon Semiconductor Jinzhou in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkon Semiconductor 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 Thinkon Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkon Semiconductor has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and Thinkon Semiconductor go up and down completely randomly.
Pair Corralation between Harbin Hatou and Thinkon Semiconductor
Assuming the 90 days trading horizon Harbin Hatou Investment is expected to generate 0.7 times more return on investment than Thinkon Semiconductor. However, Harbin Hatou Investment is 1.44 times less risky than Thinkon Semiconductor. It trades about 0.03 of its potential returns per unit of risk. Thinkon Semiconductor Jinzhou is currently generating about -0.02 per unit of risk. If you would invest 508.00 in Harbin Hatou Investment on October 14, 2024 and sell it today you would earn a total of 95.00 from holding Harbin Hatou Investment or generate 18.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harbin Hatou Investment vs. Thinkon Semiconductor Jinzhou
Performance |
| Timeline |
| Harbin Hatou Investment |
| Thinkon Semiconductor |
Harbin Hatou and Thinkon Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and Thinkon Semiconductor
The main advantage of trading using opposite Harbin Hatou and Thinkon Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, Thinkon Semiconductor 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 Thinkon Semiconductor will offset losses from the drop in Thinkon Semiconductor's long position.| Harbin Hatou vs. Fujian Wanchen Biotechnology | Harbin Hatou vs. Shenzhen Bioeasy Biotechnology | Harbin Hatou vs. Shenzhen Silver Basis | Harbin Hatou vs. Hainan Mining Co |
| Thinkon Semiconductor vs. Beijing Mainstreets Investment | Thinkon Semiconductor vs. Tonghua Grape Wine | Thinkon Semiconductor vs. Hunan Investment Group | Thinkon Semiconductor vs. Harbin Hatou Investment |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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