Correlation Between Hainan Haiqi and Bank of Suzhou
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By analyzing existing cross correlation between Hainan Haiqi Transportation and Bank of Suzhou, you can compare the effects of market volatilities on Hainan Haiqi and Bank of Suzhou 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 Bank of Suzhou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Haiqi and Bank of Suzhou.
Diversification Opportunities for Hainan Haiqi and Bank of Suzhou
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hainan and Bank is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Haiqi Transportation and Bank of Suzhou in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of Suzhou 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 Bank of Suzhou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of Suzhou has no effect on the direction of Hainan Haiqi i.e., Hainan Haiqi and Bank of Suzhou go up and down completely randomly.
Pair Corralation between Hainan Haiqi and Bank of Suzhou
Assuming the 90 days trading horizon Hainan Haiqi Transportation is expected to under-perform the Bank of Suzhou. In addition to that, Hainan Haiqi is 2.24 times more volatile than Bank of Suzhou. It trades about -0.32 of its total potential returns per unit of risk. Bank of Suzhou is currently generating about 0.04 per unit of volatility. If you would invest 800.00 in Bank of Suzhou on October 11, 2024 and sell it today you would earn a total of 6.00 from holding Bank of Suzhou or generate 0.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan Haiqi Transportation vs. Bank of Suzhou
Performance |
| Timeline |
| Hainan Haiqi Transpo |
| Bank of Suzhou |
Hainan Haiqi and Bank of Suzhou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Haiqi and Bank of Suzhou
The main advantage of trading using opposite Hainan Haiqi and Bank of Suzhou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Haiqi position performs unexpectedly, Bank of Suzhou 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 Bank of Suzhou will offset losses from the drop in Bank of Suzhou's long position.| Hainan Haiqi vs. Beijing Kingsoft Office | Hainan Haiqi vs. Guangzhou Restaurants Group | Hainan Haiqi vs. Anhui Transport Consulting | Hainan Haiqi vs. Easyhome New Retail |
| Bank of Suzhou vs. Qingdao Haier Biomedical | Bank of Suzhou vs. Nanjing Vishee Medical | Bank of Suzhou vs. Hainan Haiqi Transportation | Bank of Suzhou vs. Zhongzhu Medical Holdings |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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