Correlation Between Hainan Haiqi and Changchun BCHT
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hainan Haiqi Transportation and Changchun BCHT Biotechnology, you can compare the effects of market volatilities on Hainan Haiqi and Changchun BCHT 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 Changchun BCHT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Haiqi and Changchun BCHT.
Diversification Opportunities for Hainan Haiqi and Changchun BCHT
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Hainan and Changchun is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Haiqi Transportation and Changchun BCHT Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun BCHT Biote 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 Changchun BCHT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun BCHT Biote has no effect on the direction of Hainan Haiqi i.e., Hainan Haiqi and Changchun BCHT go up and down completely randomly.
Pair Corralation between Hainan Haiqi and Changchun BCHT
Assuming the 90 days trading horizon Hainan Haiqi Transportation is expected to generate 1.05 times more return on investment than Changchun BCHT. However, Hainan Haiqi is 1.05 times more volatile than Changchun BCHT Biotechnology. It trades about -0.02 of its potential returns per unit of risk. Changchun BCHT Biotechnology is currently generating about -0.07 per unit of risk. If you would invest 2,521 in Hainan Haiqi Transportation on October 14, 2024 and sell it today you would lose (875.00) from holding Hainan Haiqi Transportation or give up 34.71% 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. Changchun BCHT Biotechnology
Performance |
| Timeline |
| Hainan Haiqi Transpo |
| Changchun BCHT Biote |
Hainan Haiqi and Changchun BCHT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Haiqi and Changchun BCHT
The main advantage of trading using opposite Hainan Haiqi and Changchun BCHT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Haiqi position performs unexpectedly, Changchun BCHT 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 Changchun BCHT will offset losses from the drop in Changchun BCHT's long position.| Hainan Haiqi vs. Dymatic Chemicals | Hainan Haiqi vs. Ligao Foods CoLtd | Hainan Haiqi vs. Xiangtan Electrochemical Scientific | Hainan Haiqi vs. Guangdong Wens Foodstuff |
| Changchun BCHT vs. Shanghai Phichem Material | Changchun BCHT vs. Malion New Materials | Changchun BCHT vs. Anhui Transport Consulting | Changchun BCHT vs. Hainan Haiqi Transportation |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |