Correlation Between Postal Savings and HanS Laser
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By analyzing existing cross correlation between Postal Savings Bank and HanS Laser Tech, you can compare the effects of market volatilities on Postal Savings and HanS Laser 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 HanS Laser. Check out your portfolio center. Please also check ongoing floating volatility patterns of Postal Savings and HanS Laser.
Diversification Opportunities for Postal Savings and HanS Laser
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Postal and HanS is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Postal Savings Bank and HanS Laser Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HanS Laser Tech 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 HanS Laser. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HanS Laser Tech has no effect on the direction of Postal Savings i.e., Postal Savings and HanS Laser go up and down completely randomly.
Pair Corralation between Postal Savings and HanS Laser
Assuming the 90 days trading horizon Postal Savings is expected to generate 4.21 times less return on investment than HanS Laser. But when comparing it to its historical volatility, Postal Savings Bank is 1.67 times less risky than HanS Laser. It trades about 0.03 of its potential returns per unit of risk. HanS Laser Tech is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 2,044 in HanS Laser Tech on September 1, 2024 and sell it today you would earn a total of 590.00 from holding HanS Laser Tech or generate 28.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Postal Savings Bank vs. HanS Laser Tech
Performance |
| Timeline |
| Postal Savings Bank |
| HanS Laser Tech |
Postal Savings and HanS Laser Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Postal Savings and HanS Laser
The main advantage of trading using opposite Postal Savings and HanS Laser positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Postal Savings position performs unexpectedly, HanS Laser 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 HanS Laser will offset losses from the drop in HanS Laser's long position.| Postal Savings vs. Cultural Investment Holdings | Postal Savings vs. Bus Online Co | Postal Savings vs. Holitech Technology Co | Postal Savings vs. Zotye Automobile Co |
| HanS Laser vs. New China Life | HanS Laser vs. Ming Yang Smart | HanS Laser vs. 159681 | HanS Laser vs. 159005 |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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