Correlation Between Yunnan Jianzhijia and Huaxia Fund
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By analyzing existing cross correlation between Yunnan Jianzhijia Health Chain and Huaxia Fund Management, you can compare the effects of market volatilities on Yunnan Jianzhijia and Huaxia Fund 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 Yunnan Jianzhijia with a short position of Huaxia Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Jianzhijia and Huaxia Fund.
Diversification Opportunities for Yunnan Jianzhijia and Huaxia Fund
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Yunnan and Huaxia is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Jianzhijia Health Chain and Huaxia Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Huaxia Fund Management and Yunnan Jianzhijia 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 Yunnan Jianzhijia Health Chain are associated (or correlated) with Huaxia Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huaxia Fund Management has no effect on the direction of Yunnan Jianzhijia i.e., Yunnan Jianzhijia and Huaxia Fund go up and down completely randomly.
Pair Corralation between Yunnan Jianzhijia and Huaxia Fund
Assuming the 90 days trading horizon Yunnan Jianzhijia Health Chain is expected to under-perform the Huaxia Fund. In addition to that, Yunnan Jianzhijia is 2.23 times more volatile than Huaxia Fund Management. It trades about -0.15 of its total potential returns per unit of risk. Huaxia Fund Management is currently generating about 0.31 per unit of volatility. If you would invest 257.00 in Huaxia Fund Management on October 16, 2024 and sell it today you would earn a total of 46.00 from holding Huaxia Fund Management or generate 17.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunnan Jianzhijia Health Chain vs. Huaxia Fund Management
Performance |
| Timeline |
| Yunnan Jianzhijia |
| Huaxia Fund Management |
Yunnan Jianzhijia and Huaxia Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Jianzhijia and Huaxia Fund
The main advantage of trading using opposite Yunnan Jianzhijia and Huaxia Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Jianzhijia position performs unexpectedly, Huaxia Fund 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 Huaxia Fund will offset losses from the drop in Huaxia Fund's long position.| Yunnan Jianzhijia vs. Shandong Hongchuang Aluminum | Yunnan Jianzhijia vs. Jiaozuo Wanfang Aluminum | Yunnan Jianzhijia vs. CITIC Metal Co | Yunnan Jianzhijia vs. Fuzhou Rockchip Electronics |
| Huaxia Fund vs. Healthcare Co | Huaxia Fund vs. Yunnan Jianzhijia Health Chain | Huaxia Fund vs. Heren Health Co | Huaxia Fund vs. Anyang Iron Steel |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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