Correlation Between Vohringer Home and HaiXin Foods
Specify exactly 2 symbols:
By analyzing existing cross correlation between Vohringer Home Technology and HaiXin Foods Co, you can compare the effects of market volatilities on Vohringer Home and HaiXin Foods 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 HaiXin Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Vohringer Home and HaiXin Foods.
Diversification Opportunities for Vohringer Home and HaiXin Foods
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Vohringer and HaiXin is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Vohringer Home Technology and HaiXin Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HaiXin Foods 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 HaiXin Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HaiXin Foods has no effect on the direction of Vohringer Home i.e., Vohringer Home and HaiXin Foods go up and down completely randomly.
Pair Corralation between Vohringer Home and HaiXin Foods
Assuming the 90 days trading horizon Vohringer Home Technology is expected to generate 1.07 times more return on investment than HaiXin Foods. However, Vohringer Home is 1.07 times more volatile than HaiXin Foods Co. It trades about 0.01 of its potential returns per unit of risk. HaiXin Foods Co is currently generating about -0.02 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 | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Vohringer Home Technology vs. HaiXin Foods Co
Performance |
| Timeline |
| Vohringer Home Technology |
| HaiXin Foods |
Vohringer Home and HaiXin Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Vohringer Home and HaiXin Foods
The main advantage of trading using opposite Vohringer Home and HaiXin Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Vohringer Home position performs unexpectedly, HaiXin Foods 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 HaiXin Foods will offset losses from the drop in HaiXin Foods' long position.| Vohringer Home vs. Zijin Mining Group | Vohringer Home vs. Baoshan Iron Steel | Vohringer Home vs. Rongsheng Petrochemical Co | Vohringer Home vs. Hoshine Silicon Ind |
| HaiXin Foods vs. Beijing Wantai Biological | HaiXin Foods vs. Aluminum Corp of | HaiXin Foods vs. COL Digital Publishing | HaiXin Foods vs. Shaanxi Meineng Clean |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |