Correlation Between Hoshine Silicon and Fushun Special
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By analyzing existing cross correlation between Hoshine Silicon Ind and Fushun Special Steel, you can compare the effects of market volatilities on Hoshine Silicon and Fushun Special 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 Hoshine Silicon with a short position of Fushun Special. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hoshine Silicon and Fushun Special.
Diversification Opportunities for Hoshine Silicon and Fushun Special
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hoshine and Fushun is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Hoshine Silicon Ind and Fushun Special Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fushun Special Steel and Hoshine Silicon 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 Hoshine Silicon Ind are associated (or correlated) with Fushun Special. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fushun Special Steel has no effect on the direction of Hoshine Silicon i.e., Hoshine Silicon and Fushun Special go up and down completely randomly.
Pair Corralation between Hoshine Silicon and Fushun Special
Assuming the 90 days trading horizon Hoshine Silicon is expected to generate 1.2 times less return on investment than Fushun Special. But when comparing it to its historical volatility, Hoshine Silicon Ind is 1.05 times less risky than Fushun Special. It trades about 0.19 of its potential returns per unit of risk. Fushun Special Steel is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 536.00 in Fushun Special Steel on November 28, 2024 and sell it today you would earn a total of 41.00 from holding Fushun Special Steel or generate 7.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 94.12% |
| Values | Daily Returns |
Hoshine Silicon Ind vs. Fushun Special Steel
Performance |
| Timeline |
| Hoshine Silicon Ind |
| Fushun Special Steel |
Hoshine Silicon and Fushun Special Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hoshine Silicon and Fushun Special
The main advantage of trading using opposite Hoshine Silicon and Fushun Special positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hoshine Silicon position performs unexpectedly, Fushun Special 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 Fushun Special will offset losses from the drop in Fushun Special's long position.| Hoshine Silicon vs. Anhui Huaren Health | Hoshine Silicon vs. Jointo Energy Investment | Hoshine Silicon vs. Dezhan HealthCare Co | Hoshine Silicon vs. Zhejiang Construction Investment |
| Fushun Special vs. Zijin Mining Group | Fushun Special vs. Wanhua Chemical Group | Fushun Special vs. Baoshan Iron Steel | Fushun Special vs. Shandong Gold Mining |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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