Correlation Between Hygon Information and Citic Offshore
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By analyzing existing cross correlation between Hygon Information Technology and Citic Offshore Helicopter, you can compare the effects of market volatilities on Hygon Information and Citic Offshore 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 Hygon Information with a short position of Citic Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hygon Information and Citic Offshore.
Diversification Opportunities for Hygon Information and Citic Offshore
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hygon and Citic is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Hygon Information Technology and Citic Offshore Helicopter in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citic Offshore Helicopter and Hygon Information 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 Hygon Information Technology are associated (or correlated) with Citic Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Citic Offshore Helicopter has no effect on the direction of Hygon Information i.e., Hygon Information and Citic Offshore go up and down completely randomly.
Pair Corralation between Hygon Information and Citic Offshore
Assuming the 90 days trading horizon Hygon Information Technology is expected to generate 1.11 times more return on investment than Citic Offshore. However, Hygon Information is 1.11 times more volatile than Citic Offshore Helicopter. It trades about -0.2 of its potential returns per unit of risk. Citic Offshore Helicopter is currently generating about -0.23 per unit of risk. If you would invest 15,400 in Hygon Information Technology on October 29, 2024 and sell it today you would lose (2,300) from holding Hygon Information Technology or give up 14.94% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hygon Information Technology vs. Citic Offshore Helicopter
Performance |
| Timeline |
| Hygon Information |
| Citic Offshore Helicopter |
Hygon Information and Citic Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hygon Information and Citic Offshore
The main advantage of trading using opposite Hygon Information and Citic Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hygon Information position performs unexpectedly, Citic Offshore 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 Citic Offshore will offset losses from the drop in Citic Offshore's long position.| Hygon Information vs. Sharetronic Data Technology | Hygon Information vs. Sublime China Information | Hygon Information vs. Jinxiandai Information Industry | Hygon Information vs. Wasu Media Holding |
| Citic Offshore vs. Linewell Software Co | Citic Offshore vs. Haima Automobile Group | Citic Offshore vs. Beijing Bewinner Communications | Citic Offshore vs. Songz Automobile Air |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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