Correlation Between Harbin Hatou and CareRay Digital
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By analyzing existing cross correlation between Harbin Hatou Investment and CareRay Digital Medical, you can compare the effects of market volatilities on Harbin Hatou and CareRay Digital 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 CareRay Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and CareRay Digital.
Diversification Opportunities for Harbin Hatou and CareRay Digital
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Harbin and CareRay is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and CareRay Digital Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CareRay Digital 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 CareRay Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CareRay Digital Medical has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and CareRay Digital go up and down completely randomly.
Pair Corralation between Harbin Hatou and CareRay Digital
Assuming the 90 days trading horizon Harbin Hatou Investment is expected to generate 0.85 times more return on investment than CareRay Digital. However, Harbin Hatou Investment is 1.17 times less risky than CareRay Digital. It trades about 0.05 of its potential returns per unit of risk. CareRay Digital Medical is currently generating about 0.01 per unit of risk. If you would invest 465.00 in Harbin Hatou Investment on September 12, 2024 and sell it today you would earn a total of 272.00 from holding Harbin Hatou Investment or generate 58.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harbin Hatou Investment vs. CareRay Digital Medical
Performance |
| Timeline |
| Harbin Hatou Investment |
| CareRay Digital Medical |
Harbin Hatou and CareRay Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and CareRay Digital
The main advantage of trading using opposite Harbin Hatou and CareRay Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, CareRay Digital 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 CareRay Digital will offset losses from the drop in CareRay Digital's long position.| Harbin Hatou vs. Nuode Investment Co | Harbin Hatou vs. Xinjiang Communications Construction | Harbin Hatou vs. Vanfund Urban Investment | Harbin Hatou vs. Jiangsu Yueda Investment |
| CareRay Digital vs. Sunwave Communications Co | CareRay Digital vs. Harbin Hatou Investment | CareRay Digital vs. Xiandai Investment Co | CareRay Digital vs. Tongyu Communication |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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