Correlation Between Hainan Haiqi and Chongqing Sokon
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By analyzing existing cross correlation between Hainan Haiqi Transportation and Chongqing Sokon Ind, you can compare the effects of market volatilities on Hainan Haiqi and Chongqing Sokon 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 Chongqing Sokon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Haiqi and Chongqing Sokon.
Diversification Opportunities for Hainan Haiqi and Chongqing Sokon
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Hainan and Chongqing is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Haiqi Transportation and Chongqing Sokon Ind in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Sokon Ind 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 Chongqing Sokon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Sokon Ind has no effect on the direction of Hainan Haiqi i.e., Hainan Haiqi and Chongqing Sokon go up and down completely randomly.
Pair Corralation between Hainan Haiqi and Chongqing Sokon
Assuming the 90 days trading horizon Hainan Haiqi Transportation is expected to under-perform the Chongqing Sokon. In addition to that, Hainan Haiqi is 1.24 times more volatile than Chongqing Sokon Ind. It trades about 0.0 of its total potential returns per unit of risk. Chongqing Sokon Ind is currently generating about 0.08 per unit of volatility. If you would invest 12,854 in Chongqing Sokon Ind on November 3, 2024 and sell it today you would earn a total of 425.00 from holding Chongqing Sokon Ind or generate 3.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan Haiqi Transportation vs. Chongqing Sokon Ind
Performance |
| Timeline |
| Hainan Haiqi Transpo |
| Chongqing Sokon Ind |
Hainan Haiqi and Chongqing Sokon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Haiqi and Chongqing Sokon
The main advantage of trading using opposite Hainan Haiqi and Chongqing Sokon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Haiqi position performs unexpectedly, Chongqing Sokon 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 Chongqing Sokon will offset losses from the drop in Chongqing Sokon'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 |
| Chongqing Sokon vs. Chison Medical Technologies | Chongqing Sokon vs. Hengkang Medical Group | Chongqing Sokon vs. Sichuan Fulin Transportation | Chongqing Sokon vs. Longjian Road Bridge |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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