Correlation Between Thinkon Semiconductor and Haima Automobile
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By analyzing existing cross correlation between Thinkon Semiconductor Jinzhou and Haima Automobile Group, you can compare the effects of market volatilities on Thinkon Semiconductor and Haima Automobile 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 Thinkon Semiconductor with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thinkon Semiconductor and Haima Automobile.
Diversification Opportunities for Thinkon Semiconductor and Haima Automobile
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Thinkon and Haima is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Thinkon Semiconductor Jinzhou and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Thinkon Semiconductor 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 Thinkon Semiconductor Jinzhou are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Thinkon Semiconductor i.e., Thinkon Semiconductor and Haima Automobile go up and down completely randomly.
Pair Corralation between Thinkon Semiconductor and Haima Automobile
Assuming the 90 days trading horizon Thinkon Semiconductor Jinzhou is expected to under-perform the Haima Automobile. In addition to that, Thinkon Semiconductor is 1.11 times more volatile than Haima Automobile Group. It trades about -0.02 of its total potential returns per unit of risk. Haima Automobile Group is currently generating about 0.0 per unit of volatility. If you would invest 505.00 in Haima Automobile Group on October 14, 2024 and sell it today you would lose (120.00) from holding Haima Automobile Group or give up 23.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thinkon Semiconductor Jinzhou vs. Haima Automobile Group
Performance |
| Timeline |
| Thinkon Semiconductor |
| Haima Automobile |
Thinkon Semiconductor and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thinkon Semiconductor and Haima Automobile
The main advantage of trading using opposite Thinkon Semiconductor and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thinkon Semiconductor position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Thinkon Semiconductor vs. Beijing Mainstreets Investment | Thinkon Semiconductor vs. Tonghua Grape Wine | Thinkon Semiconductor vs. Hunan Investment Group | Thinkon Semiconductor vs. Harbin Hatou Investment |
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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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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