Correlation Between AUPU Home and Harbin Hatou
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By analyzing existing cross correlation between AUPU Home Style and Harbin Hatou Investment, you can compare the effects of market volatilities on AUPU Home and Harbin Hatou 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 AUPU Home with a short position of Harbin Hatou. Check out your portfolio center. Please also check ongoing floating volatility patterns of AUPU Home and Harbin Hatou.
Diversification Opportunities for AUPU Home and Harbin Hatou
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between AUPU and Harbin is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding AUPU Home Style and Harbin Hatou Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Hatou Investment and AUPU 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 AUPU Home Style are associated (or correlated) with Harbin Hatou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Hatou Investment has no effect on the direction of AUPU Home i.e., AUPU Home and Harbin Hatou go up and down completely randomly.
Pair Corralation between AUPU Home and Harbin Hatou
Assuming the 90 days trading horizon AUPU Home Style is expected to under-perform the Harbin Hatou. But the stock apears to be less risky and, when comparing its historical volatility, AUPU Home Style is 1.71 times less risky than Harbin Hatou. The stock trades about -0.06 of its potential returns per unit of risk. The Harbin Hatou Investment is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 672.00 in Harbin Hatou Investment on October 30, 2024 and sell it today you would lose (35.00) from holding Harbin Hatou Investment or give up 5.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
AUPU Home Style vs. Harbin Hatou Investment
Performance |
| Timeline |
| AUPU Home Style |
| Harbin Hatou Investment |
AUPU Home and Harbin Hatou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AUPU Home and Harbin Hatou
The main advantage of trading using opposite AUPU Home and Harbin Hatou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AUPU Home position performs unexpectedly, Harbin Hatou 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 Harbin Hatou will offset losses from the drop in Harbin Hatou's long position.| AUPU Home vs. Ziel Home Furnishing | AUPU Home vs. Shanghai Shuixing Home | AUPU Home vs. Hubei Geoway Investment | AUPU Home vs. Zhangjiagang Elegant Home |
| Harbin Hatou vs. Kontour Medical Technology | Harbin Hatou vs. APT Medical | Harbin Hatou vs. Malion New Materials | Harbin Hatou vs. Capitalonline Data Service |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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