Correlation Between Cinda Securities and Haoxiangni Jujube
Specify exactly 2 symbols:
By analyzing existing cross correlation between Cinda Securities Co and Haoxiangni Jujube Co, you can compare the effects of market volatilities on Cinda Securities and Haoxiangni Jujube 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 Cinda Securities with a short position of Haoxiangni Jujube. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cinda Securities and Haoxiangni Jujube.
Diversification Opportunities for Cinda Securities and Haoxiangni Jujube
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cinda and Haoxiangni is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Cinda Securities Co and Haoxiangni Jujube Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haoxiangni Jujube and Cinda Securities 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 Cinda Securities Co are associated (or correlated) with Haoxiangni Jujube. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haoxiangni Jujube has no effect on the direction of Cinda Securities i.e., Cinda Securities and Haoxiangni Jujube go up and down completely randomly.
Pair Corralation between Cinda Securities and Haoxiangni Jujube
Assuming the 90 days trading horizon Cinda Securities Co is expected to under-perform the Haoxiangni Jujube. But the stock apears to be less risky and, when comparing its historical volatility, Cinda Securities Co is 5.51 times less risky than Haoxiangni Jujube. The stock trades about -0.23 of its potential returns per unit of risk. The Haoxiangni Jujube Co is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 797.00 in Haoxiangni Jujube Co on November 5, 2024 and sell it today you would earn a total of 135.00 from holding Haoxiangni Jujube Co or generate 16.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cinda Securities Co vs. Haoxiangni Jujube Co
Performance |
| Timeline |
| Cinda Securities |
| Haoxiangni Jujube |
Cinda Securities and Haoxiangni Jujube Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cinda Securities and Haoxiangni Jujube
The main advantage of trading using opposite Cinda Securities and Haoxiangni Jujube positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cinda Securities position performs unexpectedly, Haoxiangni Jujube 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 Haoxiangni Jujube will offset losses from the drop in Haoxiangni Jujube's long position.| Cinda Securities vs. Senci Electric Machinery | Cinda Securities vs. Guangzhou KDT Machinery | Cinda Securities vs. Hangzhou Minsheng Healthcare | Cinda Securities vs. Shantui Construction Machinery |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |