Correlation Between Beijing Roborock and HaiXin Foods
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By analyzing existing cross correlation between Beijing Roborock Technology and HaiXin Foods Co, you can compare the effects of market volatilities on Beijing Roborock and HaiXin Foods 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 Beijing Roborock with a short position of HaiXin Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and HaiXin Foods.
Diversification Opportunities for Beijing Roborock and HaiXin Foods
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beijing and HaiXin is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and HaiXin Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HaiXin Foods and Beijing Roborock 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 Beijing Roborock Technology are associated (or correlated) with HaiXin Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HaiXin Foods has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and HaiXin Foods go up and down completely randomly.
Pair Corralation between Beijing Roborock and HaiXin Foods
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the HaiXin Foods. But the stock apears to be less risky and, when comparing its historical volatility, Beijing Roborock Technology is 1.62 times less risky than HaiXin Foods. The stock trades about -0.09 of its potential returns per unit of risk. The HaiXin Foods Co is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 383.00 in HaiXin Foods Co on October 26, 2024 and sell it today you would earn a total of 22.00 from holding HaiXin Foods Co or generate 5.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. HaiXin Foods Co
Performance |
| Timeline |
| Beijing Roborock Tec |
| HaiXin Foods |
Beijing Roborock and HaiXin Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and HaiXin Foods
The main advantage of trading using opposite Beijing Roborock and HaiXin Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, HaiXin Foods 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 HaiXin Foods will offset losses from the drop in HaiXin Foods' long position.| Beijing Roborock vs. ROPEOK Technology Group | Beijing Roborock vs. Fujian Newland Computer | Beijing Roborock vs. Beijing Seeyon Internet | Beijing Roborock vs. Sichuan Jinshi Technology |
| HaiXin Foods vs. Kweichow Moutai Co | HaiXin Foods vs. Contemporary Amperex Technology | HaiXin Foods vs. G bits Network Technology | HaiXin Foods vs. Beijing Roborock 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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