Correlation Between Hainan Haiqi and Bank of China
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hainan Haiqi Transportation and Bank of China, you can compare the effects of market volatilities on Hainan Haiqi and Bank of China 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 China. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Haiqi and Bank of China.
Diversification Opportunities for Hainan Haiqi and Bank of China
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Hainan and Bank is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Haiqi Transportation and Bank of China in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of China 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 China. 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 China has no effect on the direction of Hainan Haiqi i.e., Hainan Haiqi and Bank of China go up and down completely randomly.
Pair Corralation between Hainan Haiqi and Bank of China
Assuming the 90 days trading horizon Hainan Haiqi Transportation is expected to under-perform the Bank of China. In addition to that, Hainan Haiqi is 2.03 times more volatile than Bank of China. It trades about -0.02 of its total potential returns per unit of risk. Bank of China is currently generating about 0.09 per unit of volatility. If you would invest 301.00 in Bank of China on November 6, 2024 and sell it today you would earn a total of 244.00 from holding Bank of China or generate 81.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan Haiqi Transportation vs. Bank of China
Performance |
| Timeline |
| Hainan Haiqi Transpo |
| Bank of China |
Hainan Haiqi and Bank of China Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Haiqi and Bank of China
The main advantage of trading using opposite Hainan Haiqi and Bank of China positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Haiqi position performs unexpectedly, Bank of China 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 China will offset losses from the drop in Bank of China's long position.| Hainan Haiqi vs. Zhejiang Huatong Meat | Hainan Haiqi vs. Shanghai Ziyan Foods | Hainan Haiqi vs. Yan Tai Shuang | Hainan Haiqi vs. Jiajia Food Group |
| Bank of China vs. Fibocom Wireless | Bank of China vs. Nanjing Putian Telecommunications | Bank of China vs. Jilin Jlu Communication | Bank of China vs. Queclink Wireless Solutions |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |