Correlation Between Hefei Metalforming and 360 Security
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hefei Metalforming Mach and 360 Security Technology, you can compare the effects of market volatilities on Hefei Metalforming and 360 Security 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 Hefei Metalforming with a short position of 360 Security. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hefei Metalforming and 360 Security.
Diversification Opportunities for Hefei Metalforming and 360 Security
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hefei and 360 is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Hefei Metalforming Mach and 360 Security Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 360 Security Technology and Hefei Metalforming 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 Hefei Metalforming Mach are associated (or correlated) with 360 Security. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 360 Security Technology has no effect on the direction of Hefei Metalforming i.e., Hefei Metalforming and 360 Security go up and down completely randomly.
Pair Corralation between Hefei Metalforming and 360 Security
Assuming the 90 days trading horizon Hefei Metalforming is expected to generate 13.18 times less return on investment than 360 Security. But when comparing it to its historical volatility, Hefei Metalforming Mach is 1.53 times less risky than 360 Security. It trades about 0.04 of its potential returns per unit of risk. 360 Security Technology is currently generating about 0.36 of returns per unit of risk over similar time horizon. If you would invest 877.00 in 360 Security Technology on August 29, 2024 and sell it today you would earn a total of 495.00 from holding 360 Security Technology or generate 56.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hefei Metalforming Mach vs. 360 Security Technology
Performance |
| Timeline |
| Hefei Metalforming Mach |
| 360 Security Technology |
Hefei Metalforming and 360 Security Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hefei Metalforming and 360 Security
The main advantage of trading using opposite Hefei Metalforming and 360 Security positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hefei Metalforming position performs unexpectedly, 360 Security 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 360 Security will offset losses from the drop in 360 Security's long position.| Hefei Metalforming vs. Biwin Storage Technology | Hefei Metalforming vs. PetroChina Co Ltd | Hefei Metalforming vs. Industrial and Commercial | Hefei Metalforming vs. China Construction Bank |
| 360 Security vs. Kweichow Moutai Co | 360 Security vs. Beijing Roborock Technology | 360 Security vs. G bits Network Technology | 360 Security vs. China Mobile Limited |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |