Correlation Between Hi Trend and Jiangsu Seagull
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By analyzing existing cross correlation between Hi Trend TechCo and Jiangsu Seagull Cooling, you can compare the effects of market volatilities on Hi Trend and Jiangsu Seagull 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 Hi Trend with a short position of Jiangsu Seagull. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hi Trend and Jiangsu Seagull.
Diversification Opportunities for Hi Trend and Jiangsu Seagull
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 688391 and Jiangsu is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Hi Trend TechCo and Jiangsu Seagull Cooling in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Seagull Cooling and Hi Trend 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 Hi Trend TechCo are associated (or correlated) with Jiangsu Seagull. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Seagull Cooling has no effect on the direction of Hi Trend i.e., Hi Trend and Jiangsu Seagull go up and down completely randomly.
Pair Corralation between Hi Trend and Jiangsu Seagull
Assuming the 90 days trading horizon Hi Trend TechCo is expected to under-perform the Jiangsu Seagull. But the stock apears to be less risky and, when comparing its historical volatility, Hi Trend TechCo is 1.15 times less risky than Jiangsu Seagull. The stock trades about -0.02 of its potential returns per unit of risk. The Jiangsu Seagull Cooling is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 955.00 in Jiangsu Seagull Cooling on August 24, 2024 and sell it today you would lose (11.00) from holding Jiangsu Seagull Cooling or give up 1.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hi Trend TechCo vs. Jiangsu Seagull Cooling
Performance |
| Timeline |
| Hi Trend TechCo |
| Jiangsu Seagull Cooling |
Hi Trend and Jiangsu Seagull Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hi Trend and Jiangsu Seagull
The main advantage of trading using opposite Hi Trend and Jiangsu Seagull positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hi Trend position performs unexpectedly, Jiangsu Seagull 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 Jiangsu Seagull will offset losses from the drop in Jiangsu Seagull's long position.| Hi Trend vs. Anhui Transport Consulting | Hi Trend vs. State Grid InformationCommunication | Hi Trend vs. Shanghai Metersbonwe FashionAccessories | Hi Trend vs. Xiangyang Automobile Bearing |
| Jiangsu Seagull vs. CSSC Offshore Marine | Jiangsu Seagull vs. Suzhou Weizhixiang Food | Jiangsu Seagull vs. Yankershop Food Co | Jiangsu Seagull vs. Xinjiang Baodi Mining |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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