Correlation Between Hainan Haiqi and Shaanxi Meineng
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By analyzing existing cross correlation between Hainan Haiqi Transportation and Shaanxi Meineng Clean, you can compare the effects of market volatilities on Hainan Haiqi and Shaanxi Meineng 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 Shaanxi Meineng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Haiqi and Shaanxi Meineng.
Diversification Opportunities for Hainan Haiqi and Shaanxi Meineng
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Hainan and Shaanxi is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Haiqi Transportation and Shaanxi Meineng Clean in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shaanxi Meineng Clean 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 Shaanxi Meineng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shaanxi Meineng Clean has no effect on the direction of Hainan Haiqi i.e., Hainan Haiqi and Shaanxi Meineng go up and down completely randomly.
Pair Corralation between Hainan Haiqi and Shaanxi Meineng
Assuming the 90 days trading horizon Hainan Haiqi Transportation is expected to under-perform the Shaanxi Meineng. In addition to that, Hainan Haiqi is 1.57 times more volatile than Shaanxi Meineng Clean. It trades about -0.06 of its total potential returns per unit of risk. Shaanxi Meineng Clean is currently generating about 0.0 per unit of volatility. If you would invest 1,238 in Shaanxi Meineng Clean on October 29, 2024 and sell it today you would lose (2.00) from holding Shaanxi Meineng Clean or give up 0.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.24% |
| Values | Daily Returns |
Hainan Haiqi Transportation vs. Shaanxi Meineng Clean
Performance |
| Timeline |
| Hainan Haiqi Transpo |
| Shaanxi Meineng Clean |
Hainan Haiqi and Shaanxi Meineng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Haiqi and Shaanxi Meineng
The main advantage of trading using opposite Hainan Haiqi and Shaanxi Meineng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Haiqi position performs unexpectedly, Shaanxi Meineng 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 Shaanxi Meineng will offset losses from the drop in Shaanxi Meineng's long position.| Hainan Haiqi vs. Zhuhai Comleader Information | Hainan Haiqi vs. Guangzhou Ruoyuchen Information | Hainan Haiqi vs. Sublime China Information | Hainan Haiqi vs. East Money Information |
| Shaanxi Meineng vs. Xiamen Jihong Package | Shaanxi Meineng vs. Shantou Wanshun Package | Shaanxi Meineng vs. Cultural Investment Holdings | Shaanxi Meineng vs. Xiandai Investment Co |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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