Correlation Between Hygon Information and Hainan Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hygon Information Technology and Hainan Mining Co, you can compare the effects of market volatilities on Hygon Information and Hainan Mining 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 Hainan Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hygon Information and Hainan Mining.
Diversification Opportunities for Hygon Information and Hainan Mining
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hygon and Hainan is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hygon Information Technology and Hainan Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Mining 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 Hainan Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Mining has no effect on the direction of Hygon Information i.e., Hygon Information and Hainan Mining go up and down completely randomly.
Pair Corralation between Hygon Information and Hainan Mining
Assuming the 90 days trading horizon Hygon Information Technology is expected to generate 1.75 times more return on investment than Hainan Mining. However, Hygon Information is 1.75 times more volatile than Hainan Mining Co. It trades about 0.08 of its potential returns per unit of risk. Hainan Mining Co is currently generating about -0.01 per unit of risk. If you would invest 4,411 in Hygon Information Technology on October 16, 2024 and sell it today you would earn a total of 9,929 from holding Hygon Information Technology or generate 225.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hygon Information Technology vs. Hainan Mining Co
Performance |
| Timeline |
| Hygon Information |
| Hainan Mining |
Hygon Information and Hainan Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hygon Information and Hainan Mining
The main advantage of trading using opposite Hygon Information and Hainan Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hygon Information position performs unexpectedly, Hainan Mining 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 Hainan Mining will offset losses from the drop in Hainan Mining's long position.| Hygon Information vs. Songz Automobile Air | Hygon Information vs. Rising Nonferrous Metals | Hygon Information vs. Anhui Jianghuai Automobile | Hygon Information vs. Telling Telecommunication Holding |
| Hainan Mining vs. Zhongfu Information | Hainan Mining vs. Leyard Optoelectronic | Hainan Mining vs. Hygon Information Technology | Hainan Mining vs. CITIC Guoan Information |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |