Correlation Between Heilongjiang Transport and Postal Savings
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By analyzing existing cross correlation between Heilongjiang Transport Development and Postal Savings Bank, you can compare the effects of market volatilities on Heilongjiang Transport and Postal Savings 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 Heilongjiang Transport with a short position of Postal Savings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heilongjiang Transport and Postal Savings.
Diversification Opportunities for Heilongjiang Transport and Postal Savings
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Heilongjiang and Postal is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Heilongjiang Transport Develop and Postal Savings Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Postal Savings Bank and Heilongjiang Transport 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 Heilongjiang Transport Development are associated (or correlated) with Postal Savings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Postal Savings Bank has no effect on the direction of Heilongjiang Transport i.e., Heilongjiang Transport and Postal Savings go up and down completely randomly.
Pair Corralation between Heilongjiang Transport and Postal Savings
Assuming the 90 days trading horizon Heilongjiang Transport Development is expected to under-perform the Postal Savings. In addition to that, Heilongjiang Transport is 1.44 times more volatile than Postal Savings Bank. It trades about -0.37 of its total potential returns per unit of risk. Postal Savings Bank is currently generating about -0.04 per unit of volatility. If you would invest 547.00 in Postal Savings Bank on October 12, 2024 and sell it today you would lose (10.00) from holding Postal Savings Bank or give up 1.83% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Heilongjiang Transport Develop vs. Postal Savings Bank
Performance |
| Timeline |
| Heilongjiang Transport |
| Postal Savings Bank |
Heilongjiang Transport and Postal Savings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heilongjiang Transport and Postal Savings
The main advantage of trading using opposite Heilongjiang Transport and Postal Savings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heilongjiang Transport position performs unexpectedly, Postal Savings 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 Postal Savings will offset losses from the drop in Postal Savings' long position.| Heilongjiang Transport vs. Shanghai Ziyan Foods | Heilongjiang Transport vs. Jiangsu Xinri E Vehicle | Heilongjiang Transport vs. Sichuan Teway Food | Heilongjiang Transport vs. Suzhou Weizhixiang Food |
| Postal Savings vs. Industrial and Commercial | Postal Savings vs. China Construction Bank | Postal Savings vs. Agricultural Bank of | Postal Savings vs. Bank of China |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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