Correlation Between Hainan Haiqi and Gifore Agricultural
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By analyzing existing cross correlation between Hainan Haiqi Transportation and Gifore Agricultural Machinery, you can compare the effects of market volatilities on Hainan Haiqi and Gifore Agricultural 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 Gifore Agricultural. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Haiqi and Gifore Agricultural.
Diversification Opportunities for Hainan Haiqi and Gifore Agricultural
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Hainan and Gifore is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Haiqi Transportation and Gifore Agricultural Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gifore Agricultural 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 Gifore Agricultural. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gifore Agricultural has no effect on the direction of Hainan Haiqi i.e., Hainan Haiqi and Gifore Agricultural go up and down completely randomly.
Pair Corralation between Hainan Haiqi and Gifore Agricultural
Assuming the 90 days trading horizon Hainan Haiqi Transportation is expected to generate 0.78 times more return on investment than Gifore Agricultural. However, Hainan Haiqi Transportation is 1.28 times less risky than Gifore Agricultural. It trades about -0.04 of its potential returns per unit of risk. Gifore Agricultural Machinery is currently generating about -0.11 per unit of risk. If you would invest 1,830 in Hainan Haiqi Transportation on October 29, 2024 and sell it today you would lose (54.00) from holding Hainan Haiqi Transportation or give up 2.95% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan Haiqi Transportation vs. Gifore Agricultural Machinery
Performance |
| Timeline |
| Hainan Haiqi Transpo |
| Gifore Agricultural |
Hainan Haiqi and Gifore Agricultural Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Haiqi and Gifore Agricultural
The main advantage of trading using opposite Hainan Haiqi and Gifore Agricultural positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Haiqi position performs unexpectedly, Gifore Agricultural 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 Gifore Agricultural will offset losses from the drop in Gifore Agricultural'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 |
| Gifore Agricultural vs. Agricultural Bank of | Gifore Agricultural vs. Industrial and Commercial | Gifore Agricultural vs. Bank of China | Gifore Agricultural vs. China Construction Bank |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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