Correlation Between Hainan Haiqi and Yindu Kitchen
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By analyzing existing cross correlation between Hainan Haiqi Transportation and Yindu Kitchen Equipment, you can compare the effects of market volatilities on Hainan Haiqi and Yindu Kitchen 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 Yindu Kitchen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Haiqi and Yindu Kitchen.
Diversification Opportunities for Hainan Haiqi and Yindu Kitchen
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hainan and Yindu is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Haiqi Transportation and Yindu Kitchen Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yindu Kitchen Equipment 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 Yindu Kitchen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yindu Kitchen Equipment has no effect on the direction of Hainan Haiqi i.e., Hainan Haiqi and Yindu Kitchen go up and down completely randomly.
Pair Corralation between Hainan Haiqi and Yindu Kitchen
Assuming the 90 days trading horizon Hainan Haiqi Transportation is expected to under-perform the Yindu Kitchen. In addition to that, Hainan Haiqi is 1.38 times more volatile than Yindu Kitchen Equipment. It trades about -0.01 of its total potential returns per unit of risk. Yindu Kitchen Equipment is currently generating about 0.05 per unit of volatility. If you would invest 1,626 in Yindu Kitchen Equipment on September 14, 2024 and sell it today you would earn a total of 819.00 from holding Yindu Kitchen Equipment or generate 50.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan Haiqi Transportation vs. Yindu Kitchen Equipment
Performance |
| Timeline |
| Hainan Haiqi Transpo |
| Yindu Kitchen Equipment |
Hainan Haiqi and Yindu Kitchen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Haiqi and Yindu Kitchen
The main advantage of trading using opposite Hainan Haiqi and Yindu Kitchen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Haiqi position performs unexpectedly, Yindu Kitchen 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 Yindu Kitchen will offset losses from the drop in Yindu Kitchen's long position.| Hainan Haiqi vs. Ming Yang Smart | Hainan Haiqi vs. 159681 | Hainan Haiqi vs. 159005 | Hainan Haiqi vs. Loctek Ergonomic Technology |
| Yindu Kitchen vs. Industrial and Commercial | Yindu Kitchen vs. Kweichow Moutai Co | Yindu Kitchen vs. Agricultural Bank of | Yindu Kitchen vs. China Mobile Limited |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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