Correlation Between Hainan Haiqi and Telling Telecommunicatio
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By analyzing existing cross correlation between Hainan Haiqi Transportation and Telling Telecommunication Holding, you can compare the effects of market volatilities on Hainan Haiqi and Telling Telecommunicatio 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 Hainan Haiqi with a short position of Telling Telecommunicatio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Haiqi and Telling Telecommunicatio.
Diversification Opportunities for Hainan Haiqi and Telling Telecommunicatio
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hainan and Telling is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Haiqi Transportation and Telling Telecommunication Hold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Telling Telecommunicatio and Hainan Haiqi 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 Hainan Haiqi Transportation are associated (or correlated) with Telling Telecommunicatio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Telling Telecommunicatio has no effect on the direction of Hainan Haiqi i.e., Hainan Haiqi and Telling Telecommunicatio go up and down completely randomly.
Pair Corralation between Hainan Haiqi and Telling Telecommunicatio
Assuming the 90 days trading horizon Hainan Haiqi Transportation is expected to under-perform the Telling Telecommunicatio. But the stock apears to be less risky and, when comparing its historical volatility, Hainan Haiqi Transportation is 1.24 times less risky than Telling Telecommunicatio. The stock trades about -0.01 of its potential returns per unit of risk. The Telling Telecommunication Holding is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,032 in Telling Telecommunication Holding on October 27, 2024 and sell it today you would lose (4.00) from holding Telling Telecommunication Holding or give up 0.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan Haiqi Transportation vs. Telling Telecommunication Hold
Performance |
| Timeline |
| Hainan Haiqi Transpo |
| Telling Telecommunicatio |
Hainan Haiqi and Telling Telecommunicatio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Haiqi and Telling Telecommunicatio
The main advantage of trading using opposite Hainan Haiqi and Telling Telecommunicatio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Haiqi position performs unexpectedly, Telling Telecommunicatio 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 Telling Telecommunicatio will offset losses from the drop in Telling Telecommunicatio's long position.| Hainan Haiqi vs. Beijing Mainstreets Investment | Hainan Haiqi vs. Vanfund Urban Investment | Hainan Haiqi vs. Zhejiang Construction Investment | Hainan Haiqi vs. DO Home Collection |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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