Correlation Between MayAir Technology and Guangzhou Haige
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By analyzing existing cross correlation between MayAir Technology Co and Guangzhou Haige Communications, you can compare the effects of market volatilities on MayAir Technology and Guangzhou Haige 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 MayAir Technology with a short position of Guangzhou Haige. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Guangzhou Haige.
Diversification Opportunities for MayAir Technology and Guangzhou Haige
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between MayAir and Guangzhou is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co and Guangzhou Haige Communications in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Haige Comm and MayAir 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 MayAir Technology Co are associated (or correlated) with Guangzhou Haige. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Haige Comm has no effect on the direction of MayAir Technology i.e., MayAir Technology and Guangzhou Haige go up and down completely randomly.
Pair Corralation between MayAir Technology and Guangzhou Haige
Assuming the 90 days trading horizon MayAir Technology Co is expected to under-perform the Guangzhou Haige. In addition to that, MayAir Technology is 1.22 times more volatile than Guangzhou Haige Communications. It trades about -0.08 of its total potential returns per unit of risk. Guangzhou Haige Communications is currently generating about 0.08 per unit of volatility. If you would invest 1,123 in Guangzhou Haige Communications on August 29, 2024 and sell it today you would earn a total of 58.00 from holding Guangzhou Haige Communications or generate 5.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
MayAir Technology Co vs. Guangzhou Haige Communications
Performance |
| Timeline |
| MayAir Technology |
| Guangzhou Haige Comm |
MayAir Technology and Guangzhou Haige Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and Guangzhou Haige
The main advantage of trading using opposite MayAir Technology and Guangzhou Haige positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology position performs unexpectedly, Guangzhou Haige 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 Guangzhou Haige will offset losses from the drop in Guangzhou Haige's long position.| MayAir Technology vs. Kweichow Moutai Co | MayAir Technology vs. Shenzhen Mindray Bio Medical | MayAir Technology vs. G bits Network Technology | MayAir Technology vs. Shenzhen Transsion Holdings |
| Guangzhou Haige vs. Will Semiconductor Co | Guangzhou Haige vs. RoadMain T Co | Guangzhou Haige vs. Semiconductor Manufacturing Electronics | Guangzhou Haige vs. Guizhou BroadcastingTV Info |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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