Correlation Between Hygon Information and HanS Laser
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By analyzing existing cross correlation between Hygon Information Technology and HanS Laser Tech, you can compare the effects of market volatilities on Hygon Information and HanS Laser 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 HanS Laser. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hygon Information and HanS Laser.
Diversification Opportunities for Hygon Information and HanS Laser
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hygon and HanS is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Hygon Information Technology and HanS Laser Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HanS Laser Tech 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 HanS Laser. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HanS Laser Tech has no effect on the direction of Hygon Information i.e., Hygon Information and HanS Laser go up and down completely randomly.
Pair Corralation between Hygon Information and HanS Laser
Assuming the 90 days trading horizon Hygon Information Technology is expected to generate 1.99 times more return on investment than HanS Laser. However, Hygon Information is 1.99 times more volatile than HanS Laser Tech. It trades about 0.03 of its potential returns per unit of risk. HanS Laser Tech is currently generating about -0.03 per unit of risk. If you would invest 12,581 in Hygon Information Technology on October 30, 2024 and sell it today you would earn a total of 219.00 from holding Hygon Information Technology or generate 1.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hygon Information Technology vs. HanS Laser Tech
Performance |
| Timeline |
| Hygon Information |
| HanS Laser Tech |
Hygon Information and HanS Laser Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hygon Information and HanS Laser
The main advantage of trading using opposite Hygon Information and HanS Laser positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hygon Information position performs unexpectedly, HanS Laser 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 HanS Laser will offset losses from the drop in HanS Laser's long position.| Hygon Information vs. Agricultural Bank of | Hygon Information vs. Industrial and Commercial | Hygon Information vs. Bank of China | Hygon Information vs. China Construction Bank |
| HanS Laser vs. Guangdong Jingyi Metal | HanS Laser vs. North Copper Shanxi | HanS Laser vs. Uroica Mining Safety | HanS Laser vs. Northking Information 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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