Correlation Between Hainan Haiqi and Shaanxi Broadcast
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By analyzing existing cross correlation between Hainan Haiqi Transportation and Shaanxi Broadcast TV, you can compare the effects of market volatilities on Hainan Haiqi and Shaanxi Broadcast 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 Broadcast. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Haiqi and Shaanxi Broadcast.
Diversification Opportunities for Hainan Haiqi and Shaanxi Broadcast
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hainan and Shaanxi is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Haiqi Transportation and Shaanxi Broadcast TV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shaanxi Broadcast 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 Broadcast. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shaanxi Broadcast has no effect on the direction of Hainan Haiqi i.e., Hainan Haiqi and Shaanxi Broadcast go up and down completely randomly.
Pair Corralation between Hainan Haiqi and Shaanxi Broadcast
Assuming the 90 days trading horizon Hainan Haiqi is expected to generate 5.58 times less return on investment than Shaanxi Broadcast. In addition to that, Hainan Haiqi is 1.03 times more volatile than Shaanxi Broadcast TV. It trades about 0.03 of its total potential returns per unit of risk. Shaanxi Broadcast TV is currently generating about 0.16 per unit of volatility. If you would invest 247.00 in Shaanxi Broadcast TV on August 30, 2024 and sell it today you would earn a total of 23.00 from holding Shaanxi Broadcast TV or generate 9.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Hainan Haiqi Transportation vs. Shaanxi Broadcast TV
Performance |
| Timeline |
| Hainan Haiqi Transpo |
| Shaanxi Broadcast |
Hainan Haiqi and Shaanxi Broadcast Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Haiqi and Shaanxi Broadcast
The main advantage of trading using opposite Hainan Haiqi and Shaanxi Broadcast positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Haiqi position performs unexpectedly, Shaanxi Broadcast 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 Broadcast will offset losses from the drop in Shaanxi Broadcast'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 |
| Shaanxi Broadcast vs. Chengdu Spaceon Electronics | Shaanxi Broadcast vs. Luyin Investment Group | Shaanxi Broadcast vs. JCHX Mining Management | Shaanxi Broadcast vs. Anhui Gujing Distillery |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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