Correlation Between Zhejiang HISUN and Zhejiang Century
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By analyzing existing cross correlation between Zhejiang HISUN Biomaterials and Zhejiang Century Huatong, you can compare the effects of market volatilities on Zhejiang HISUN and Zhejiang Century 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 Zhejiang HISUN with a short position of Zhejiang Century. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang HISUN and Zhejiang Century.
Diversification Opportunities for Zhejiang HISUN and Zhejiang Century
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Zhejiang and Zhejiang is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang HISUN Biomaterials and Zhejiang Century Huatong in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Century Huatong and Zhejiang HISUN 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 Zhejiang HISUN Biomaterials are associated (or correlated) with Zhejiang Century. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Century Huatong has no effect on the direction of Zhejiang HISUN i.e., Zhejiang HISUN and Zhejiang Century go up and down completely randomly.
Pair Corralation between Zhejiang HISUN and Zhejiang Century
Assuming the 90 days trading horizon Zhejiang HISUN Biomaterials is expected to under-perform the Zhejiang Century. But the stock apears to be less risky and, when comparing its historical volatility, Zhejiang HISUN Biomaterials is 1.22 times less risky than Zhejiang Century. The stock trades about -0.02 of its potential returns per unit of risk. The Zhejiang Century Huatong is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 380.00 in Zhejiang Century Huatong on September 4, 2024 and sell it today you would earn a total of 55.00 from holding Zhejiang Century Huatong or generate 14.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.78% |
| Values | Daily Returns |
Zhejiang HISUN Biomaterials vs. Zhejiang Century Huatong
Performance |
| Timeline |
| Zhejiang HISUN Bioma |
| Zhejiang Century Huatong |
Zhejiang HISUN and Zhejiang Century Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang HISUN and Zhejiang Century
The main advantage of trading using opposite Zhejiang HISUN and Zhejiang Century positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang HISUN position performs unexpectedly, Zhejiang Century 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 Zhejiang Century will offset losses from the drop in Zhejiang Century's long position.| Zhejiang HISUN vs. Zijin Mining Group | Zhejiang HISUN vs. Wanhua Chemical Group | Zhejiang HISUN vs. Baoshan Iron Steel | Zhejiang HISUN vs. Shandong Gold Mining |
| Zhejiang Century vs. Shenzhen Bioeasy Biotechnology | Zhejiang Century vs. Tianshui Huatian Technology | Zhejiang Century vs. Sichuan Hebang Biotechnology | Zhejiang Century vs. Kingsignal Technology Co |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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