Correlation Between Postal Savings and Haima Automobile
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By analyzing existing cross correlation between Postal Savings Bank and Haima Automobile Group, you can compare the effects of market volatilities on Postal Savings and Haima Automobile 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 Postal Savings with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Postal Savings and Haima Automobile.
Diversification Opportunities for Postal Savings and Haima Automobile
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Postal and Haima is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Postal Savings Bank and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Postal Savings 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 Postal Savings Bank are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Postal Savings i.e., Postal Savings and Haima Automobile go up and down completely randomly.
Pair Corralation between Postal Savings and Haima Automobile
Assuming the 90 days trading horizon Postal Savings Bank is expected to generate 0.38 times more return on investment than Haima Automobile. However, Postal Savings Bank is 2.65 times less risky than Haima Automobile. It trades about 0.06 of its potential returns per unit of risk. Haima Automobile Group is currently generating about 0.02 per unit of risk. If you would invest 441.00 in Postal Savings Bank on October 18, 2024 and sell it today you would earn a total of 86.00 from holding Postal Savings Bank or generate 19.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Postal Savings Bank vs. Haima Automobile Group
Performance |
| Timeline |
| Postal Savings Bank |
| Haima Automobile |
Postal Savings and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Postal Savings and Haima Automobile
The main advantage of trading using opposite Postal Savings and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Postal Savings position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Postal Savings vs. HanS Laser Tech | Postal Savings vs. Olympic Circuit Technology | Postal Savings vs. Guangzhou KingTeller Technology | Postal Savings vs. Dhc Software Co |
| Haima Automobile vs. Duzhe Publishing Media | Haima Automobile vs. China Building Material | Haima Automobile vs. Orinko Advanced Plastics | Haima Automobile vs. Shanghai Action Education |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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