Correlation Between Hangzhou Huawang and Tianjin LVYIN
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By analyzing existing cross correlation between Hangzhou Huawang New and Tianjin LVYIN Landscape, you can compare the effects of market volatilities on Hangzhou Huawang and Tianjin LVYIN 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 Hangzhou Huawang with a short position of Tianjin LVYIN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Huawang and Tianjin LVYIN.
Diversification Opportunities for Hangzhou Huawang and Tianjin LVYIN
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hangzhou and Tianjin is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Huawang New and Tianjin LVYIN Landscape in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin LVYIN Landscape and Hangzhou Huawang 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 Hangzhou Huawang New are associated (or correlated) with Tianjin LVYIN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin LVYIN Landscape has no effect on the direction of Hangzhou Huawang i.e., Hangzhou Huawang and Tianjin LVYIN go up and down completely randomly.
Pair Corralation between Hangzhou Huawang and Tianjin LVYIN
Assuming the 90 days trading horizon Hangzhou Huawang New is expected to generate 0.54 times more return on investment than Tianjin LVYIN. However, Hangzhou Huawang New is 1.86 times less risky than Tianjin LVYIN. It trades about 0.19 of its potential returns per unit of risk. Tianjin LVYIN Landscape is currently generating about -0.03 per unit of risk. If you would invest 1,264 in Hangzhou Huawang New on September 26, 2024 and sell it today you would earn a total of 93.00 from holding Hangzhou Huawang New or generate 7.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hangzhou Huawang New vs. Tianjin LVYIN Landscape
Performance |
| Timeline |
| Hangzhou Huawang New |
| Tianjin LVYIN Landscape |
Hangzhou Huawang and Tianjin LVYIN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Huawang and Tianjin LVYIN
The main advantage of trading using opposite Hangzhou Huawang and Tianjin LVYIN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Huawang position performs unexpectedly, Tianjin LVYIN 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 Tianjin LVYIN will offset losses from the drop in Tianjin LVYIN's long position.| Hangzhou Huawang vs. Zijin Mining Group | Hangzhou Huawang vs. Wanhua Chemical Group | Hangzhou Huawang vs. Baoshan Iron Steel | Hangzhou Huawang vs. Shandong Gold Mining |
| Tianjin LVYIN vs. Ming Yang Smart | Tianjin LVYIN vs. 159681 | Tianjin LVYIN vs. 159005 | Tianjin LVYIN vs. Loctek Ergonomic Technology |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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