Correlation Between Bangyan Technology and Harbin Air
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By analyzing existing cross correlation between Bangyan Technology Co and Harbin Air Conditioning, you can compare the effects of market volatilities on Bangyan Technology and Harbin Air 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 Bangyan Technology with a short position of Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bangyan Technology and Harbin Air.
Diversification Opportunities for Bangyan Technology and Harbin Air
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bangyan and Harbin is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Bangyan Technology Co and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning and Bangyan Technology 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 Bangyan Technology Co are associated (or correlated) with Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of Bangyan Technology i.e., Bangyan Technology and Harbin Air go up and down completely randomly.
Pair Corralation between Bangyan Technology and Harbin Air
Assuming the 90 days trading horizon Bangyan Technology Co is expected to under-perform the Harbin Air. In addition to that, Bangyan Technology is 1.01 times more volatile than Harbin Air Conditioning. It trades about -0.02 of its total potential returns per unit of risk. Harbin Air Conditioning is currently generating about 0.02 per unit of volatility. If you would invest 583.00 in Harbin Air Conditioning on October 16, 2024 and sell it today you would earn a total of 6.00 from holding Harbin Air Conditioning or generate 1.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bangyan Technology Co vs. Harbin Air Conditioning
Performance |
| Timeline |
| Bangyan Technology |
| Harbin Air Conditioning |
Bangyan Technology and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bangyan Technology and Harbin Air
The main advantage of trading using opposite Bangyan Technology and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bangyan Technology position performs unexpectedly, Harbin Air 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 Harbin Air will offset losses from the drop in Harbin Air's long position.| Bangyan Technology vs. Beijing Bewinner Communications | Bangyan Technology vs. Eastern Air Logistics | Bangyan Technology vs. Zhonghong Pulin Medical | Bangyan Technology vs. Zhongzhu Medical Holdings |
| Harbin Air vs. Tianshui Huatian Technology | Harbin Air vs. Bangyan Technology Co | Harbin Air vs. XinJiang GuoTong Pipeline | Harbin Air vs. Shaanxi Meineng Clean |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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