Correlation Between Xiamen Bank and Harvest Fund
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xiamen Bank Co and Harvest Fund Management, you can compare the effects of market volatilities on Xiamen Bank and Harvest Fund 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 Xiamen Bank with a short position of Harvest Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiamen Bank and Harvest Fund.
Diversification Opportunities for Xiamen Bank and Harvest Fund
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Xiamen and Harvest is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Xiamen Bank Co and Harvest Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harvest Fund Management and Xiamen Bank 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 Xiamen Bank Co are associated (or correlated) with Harvest Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harvest Fund Management has no effect on the direction of Xiamen Bank i.e., Xiamen Bank and Harvest Fund go up and down completely randomly.
Pair Corralation between Xiamen Bank and Harvest Fund
Assuming the 90 days trading horizon Xiamen Bank Co is expected to generate 1.05 times more return on investment than Harvest Fund. However, Xiamen Bank is 1.05 times more volatile than Harvest Fund Management. It trades about 0.01 of its potential returns per unit of risk. Harvest Fund Management is currently generating about -0.01 per unit of risk. If you would invest 506.00 in Xiamen Bank Co on October 16, 2024 and sell it today you would earn a total of 14.00 from holding Xiamen Bank Co or generate 2.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.54% |
| Values | Daily Returns |
Xiamen Bank Co vs. Harvest Fund Management
Performance |
| Timeline |
| Xiamen Bank |
| Harvest Fund Management |
Xiamen Bank and Harvest Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiamen Bank and Harvest Fund
The main advantage of trading using opposite Xiamen Bank and Harvest Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiamen Bank position performs unexpectedly, Harvest Fund 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 Harvest Fund will offset losses from the drop in Harvest Fund's long position.| Xiamen Bank vs. Beijing Bewinner Communications | Xiamen Bank vs. Ningbo Ligong Online | Xiamen Bank vs. Nanning Chemical Industry | Xiamen Bank vs. Xinxiang Chemical Fiber |
| Harvest Fund vs. Easyhome New Retail | Harvest Fund vs. Bank of Communications | Harvest Fund vs. Silkroad Visual Technology | Harvest Fund vs. China Satellite Communications |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |