Correlation Between Hainan Haiqi and Northking Information
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hainan Haiqi Transportation and Northking Information Technology, you can compare the effects of market volatilities on Hainan Haiqi and Northking Information 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 Northking Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Haiqi and Northking Information.
Diversification Opportunities for Hainan Haiqi and Northking Information
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Hainan and Northking is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Haiqi Transportation and Northking Information Technolo in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Northking Information 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 Northking Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Northking Information has no effect on the direction of Hainan Haiqi i.e., Hainan Haiqi and Northking Information go up and down completely randomly.
Pair Corralation between Hainan Haiqi and Northking Information
Assuming the 90 days trading horizon Hainan Haiqi Transportation is expected to generate 0.99 times more return on investment than Northking Information. However, Hainan Haiqi Transportation is 1.01 times less risky than Northking Information. It trades about 0.09 of its potential returns per unit of risk. Northking Information Technology is currently generating about -0.07 per unit of risk. If you would invest 1,913 in Hainan Haiqi Transportation on August 30, 2024 and sell it today you would earn a total of 97.00 from holding Hainan Haiqi Transportation or generate 5.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan Haiqi Transportation vs. Northking Information Technolo
Performance |
| Timeline |
| Hainan Haiqi Transpo |
| Northking Information |
Hainan Haiqi and Northking Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Haiqi and Northking Information
The main advantage of trading using opposite Hainan Haiqi and Northking Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Haiqi position performs unexpectedly, Northking Information 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 Northking Information will offset losses from the drop in Northking Information's long position.| Hainan Haiqi vs. Industrial and Commercial | Hainan Haiqi vs. Agricultural Bank of | Hainan Haiqi vs. China Construction Bank | Hainan Haiqi vs. Bank of China |
| Northking Information vs. Agricultural Bank of | Northking Information vs. Industrial and Commercial | Northking Information vs. Bank of China | Northking Information vs. PetroChina Co Ltd |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |