Correlation Between Harbin Hatou and MayAir Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Harbin Hatou Investment and MayAir Technology Co, you can compare the effects of market volatilities on Harbin Hatou and MayAir Technology 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 MayAir Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and MayAir Technology.
Diversification Opportunities for Harbin Hatou and MayAir Technology
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Harbin and MayAir is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and MayAir Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MayAir Technology 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 MayAir Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MayAir Technology has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and MayAir Technology go up and down completely randomly.
Pair Corralation between Harbin Hatou and MayAir Technology
Assuming the 90 days trading horizon Harbin Hatou Investment is expected to generate 0.92 times more return on investment than MayAir Technology. However, Harbin Hatou Investment is 1.09 times less risky than MayAir Technology. It trades about 0.03 of its potential returns per unit of risk. MayAir Technology Co is currently generating about 0.01 per unit of risk. If you would invest 497.00 in Harbin Hatou Investment on November 7, 2024 and sell it today you would earn a total of 140.00 from holding Harbin Hatou Investment or generate 28.17% 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. MayAir Technology Co
Performance |
| Timeline |
| Harbin Hatou Investment |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| MayAir Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Harbin Hatou and MayAir Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and MayAir Technology
The main advantage of trading using opposite Harbin Hatou and MayAir Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, MayAir Technology 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 MayAir Technology will offset losses from the drop in MayAir Technology's long position.The idea behind Harbin Hatou Investment and MayAir Technology Co pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |