Correlation Between MayAir Technology and Harbin Air
Specify exactly 2 symbols:
By analyzing existing cross correlation between MayAir Technology Co and Harbin Air Conditioning, you can compare the effects of market volatilities on MayAir Technology and Harbin Air 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 Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Harbin Air.
Diversification Opportunities for MayAir Technology and Harbin Air
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between MayAir and Harbin is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning 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 Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of MayAir Technology i.e., MayAir Technology and Harbin Air go up and down completely randomly.
Pair Corralation between MayAir Technology and Harbin Air
Assuming the 90 days trading horizon MayAir Technology is expected to generate 1.1 times less return on investment than Harbin Air. In addition to that, MayAir Technology is 1.8 times more volatile than Harbin Air Conditioning. It trades about 0.12 of its total potential returns per unit of risk. Harbin Air Conditioning is currently generating about 0.25 per unit of volatility. If you would invest 368.00 in Harbin Air Conditioning on September 12, 2024 and sell it today you would earn a total of 159.00 from holding Harbin Air Conditioning or generate 43.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MayAir Technology Co vs. Harbin Air Conditioning
Performance |
| Timeline |
| MayAir Technology |
| Harbin Air Conditioning |
MayAir Technology and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and Harbin Air
The main advantage of trading using opposite MayAir Technology and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology position performs unexpectedly, Harbin Air 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 Harbin Air will offset losses from the drop in Harbin Air's long position.| MayAir Technology vs. New China Life | MayAir Technology vs. Ming Yang Smart | MayAir Technology vs. 159681 | MayAir Technology vs. 159005 |
| Harbin Air vs. Huaxia Fund Management | Harbin Air vs. Gifore Agricultural Machinery | Harbin Air vs. Qijing Machinery | Harbin Air vs. Hongrun Construction Group |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Transaction History View history of all your transactions and understand their impact on performance |