Correlation Between HUAQIN TECHNOLOGY and Shandong Sinoglory
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By analyzing existing cross correlation between HUAQIN TECHNOLOGY LTD and Shandong Sinoglory Health, you can compare the effects of market volatilities on HUAQIN TECHNOLOGY and Shandong Sinoglory 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 HUAQIN TECHNOLOGY with a short position of Shandong Sinoglory. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUAQIN TECHNOLOGY and Shandong Sinoglory.
Diversification Opportunities for HUAQIN TECHNOLOGY and Shandong Sinoglory
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUAQIN and Shandong is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding HUAQIN TECHNOLOGY LTD and Shandong Sinoglory Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Sinoglory Health and HUAQIN TECHNOLOGY 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 HUAQIN TECHNOLOGY LTD are associated (or correlated) with Shandong Sinoglory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Sinoglory Health has no effect on the direction of HUAQIN TECHNOLOGY i.e., HUAQIN TECHNOLOGY and Shandong Sinoglory go up and down completely randomly.
Pair Corralation between HUAQIN TECHNOLOGY and Shandong Sinoglory
Assuming the 90 days trading horizon HUAQIN TECHNOLOGY LTD is expected to generate 1.12 times more return on investment than Shandong Sinoglory. However, HUAQIN TECHNOLOGY is 1.12 times more volatile than Shandong Sinoglory Health. It trades about 0.07 of its potential returns per unit of risk. Shandong Sinoglory Health is currently generating about 0.0 per unit of risk. If you would invest 4,499 in HUAQIN TECHNOLOGY LTD on October 18, 2024 and sell it today you would earn a total of 2,425 from holding HUAQIN TECHNOLOGY LTD or generate 53.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUAQIN TECHNOLOGY LTD vs. Shandong Sinoglory Health
Performance |
| Timeline |
| HUAQIN TECHNOLOGY LTD |
| Shandong Sinoglory Health |
HUAQIN TECHNOLOGY and Shandong Sinoglory Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUAQIN TECHNOLOGY and Shandong Sinoglory
The main advantage of trading using opposite HUAQIN TECHNOLOGY and Shandong Sinoglory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUAQIN TECHNOLOGY position performs unexpectedly, Shandong Sinoglory 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 Shandong Sinoglory will offset losses from the drop in Shandong Sinoglory's long position.| HUAQIN TECHNOLOGY vs. Sharetronic Data Technology | HUAQIN TECHNOLOGY vs. Sichuan Furong Technology | HUAQIN TECHNOLOGY vs. Emdoor Information Co | HUAQIN TECHNOLOGY vs. Guodian Nanjing Automation |
| Shandong Sinoglory vs. Tianshui Huatian Technology | Shandong Sinoglory vs. Innovative Medical Management | Shandong Sinoglory vs. HUAQIN TECHNOLOGY LTD | Shandong Sinoglory vs. China Asset Management |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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