Correlation Between Vohringer Home and Haima Automobile
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By analyzing existing cross correlation between Vohringer Home Technology and Haima Automobile Group, you can compare the effects of market volatilities on Vohringer Home and Haima Automobile 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 Vohringer Home with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Vohringer Home and Haima Automobile.
Diversification Opportunities for Vohringer Home and Haima Automobile
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Vohringer and Haima is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Vohringer Home Technology and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Vohringer Home 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 Vohringer Home Technology are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Vohringer Home i.e., Vohringer Home and Haima Automobile go up and down completely randomly.
Pair Corralation between Vohringer Home and Haima Automobile
Assuming the 90 days trading horizon Vohringer Home Technology is expected to generate 0.83 times more return on investment than Haima Automobile. However, Vohringer Home Technology is 1.21 times less risky than Haima Automobile. It trades about 0.01 of its potential returns per unit of risk. Haima Automobile Group is currently generating about 0.01 per unit of risk. If you would invest 527.00 in Vohringer Home Technology on September 3, 2024 and sell it today you would lose (32.00) from holding Vohringer Home Technology or give up 6.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Vohringer Home Technology vs. Haima Automobile Group
Performance |
| Timeline |
| Vohringer Home Technology |
| Haima Automobile |
Vohringer Home and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Vohringer Home and Haima Automobile
The main advantage of trading using opposite Vohringer Home and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Vohringer Home position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Vohringer Home vs. Zijin Mining Group | Vohringer Home vs. Baoshan Iron Steel | Vohringer Home vs. Hoshine Silicon Ind |
| Haima Automobile vs. Hainan Haiqi Transportation | Haima Automobile vs. Guangdong Brandmax Marketing | Haima Automobile vs. Zhejiang Daily Media | Haima Automobile vs. Heilongjiang Publishing Media |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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