Correlation Between Orinko Advanced and Hainan Haiqi
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By analyzing existing cross correlation between Orinko Advanced Plastics and Hainan Haiqi Transportation, you can compare the effects of market volatilities on Orinko Advanced and Hainan Haiqi 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 Orinko Advanced with a short position of Hainan Haiqi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Orinko Advanced and Hainan Haiqi.
Diversification Opportunities for Orinko Advanced and Hainan Haiqi
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Orinko and Hainan is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Orinko Advanced Plastics and Hainan Haiqi Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Haiqi Transpo and Orinko Advanced 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 Orinko Advanced Plastics are associated (or correlated) with Hainan Haiqi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Haiqi Transpo has no effect on the direction of Orinko Advanced i.e., Orinko Advanced and Hainan Haiqi go up and down completely randomly.
Pair Corralation between Orinko Advanced and Hainan Haiqi
Assuming the 90 days trading horizon Orinko Advanced Plastics is expected to generate 1.26 times more return on investment than Hainan Haiqi. However, Orinko Advanced is 1.26 times more volatile than Hainan Haiqi Transportation. It trades about 0.1 of its potential returns per unit of risk. Hainan Haiqi Transportation is currently generating about -0.09 per unit of risk. If you would invest 936.00 in Orinko Advanced Plastics on October 30, 2024 and sell it today you would earn a total of 138.00 from holding Orinko Advanced Plastics or generate 14.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Orinko Advanced Plastics vs. Hainan Haiqi Transportation
Performance |
| Timeline |
| Orinko Advanced Plastics |
| Hainan Haiqi Transpo |
Orinko Advanced and Hainan Haiqi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Orinko Advanced and Hainan Haiqi
The main advantage of trading using opposite Orinko Advanced and Hainan Haiqi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Orinko Advanced position performs unexpectedly, Hainan Haiqi 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 Haiqi will offset losses from the drop in Hainan Haiqi's long position.| Orinko Advanced vs. Easyhome New Retail | Orinko Advanced vs. Sichuan Fulin Transportation | Orinko Advanced vs. Everdisplay Optronics Shanghai | Orinko Advanced vs. MayAir Technology Co |
| Hainan Haiqi vs. Xinjiang Baodi Mining | Hainan Haiqi vs. Ningbo Bohui Chemical | Hainan Haiqi vs. Easyhome New Retail | Hainan Haiqi vs. China World Trade |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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