Correlation Between Southchip Semiconductor and HaiXin Foods
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By analyzing existing cross correlation between Southchip Semiconductor Technology and HaiXin Foods Co, you can compare the effects of market volatilities on Southchip Semiconductor and HaiXin Foods 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 Southchip Semiconductor with a short position of HaiXin Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Southchip Semiconductor and HaiXin Foods.
Diversification Opportunities for Southchip Semiconductor and HaiXin Foods
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Southchip and HaiXin is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Southchip Semiconductor Techno and HaiXin Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HaiXin Foods and Southchip 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 Southchip Semiconductor Technology are associated (or correlated) with HaiXin Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HaiXin Foods has no effect on the direction of Southchip Semiconductor i.e., Southchip Semiconductor and HaiXin Foods go up and down completely randomly.
Pair Corralation between Southchip Semiconductor and HaiXin Foods
Assuming the 90 days trading horizon Southchip Semiconductor Technology is expected to under-perform the HaiXin Foods. In addition to that, Southchip Semiconductor is 1.3 times more volatile than HaiXin Foods Co. It trades about -0.02 of its total potential returns per unit of risk. HaiXin Foods Co is currently generating about -0.02 per unit of volatility. If you would invest 607.00 in HaiXin Foods Co on August 27, 2024 and sell it today you would lose (204.00) from holding HaiXin Foods Co or give up 33.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 83.02% |
| Values | Daily Returns |
Southchip Semiconductor Techno vs. HaiXin Foods Co
Performance |
| Timeline |
| Southchip Semiconductor |
| HaiXin Foods |
Southchip Semiconductor and HaiXin Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Southchip Semiconductor and HaiXin Foods
The main advantage of trading using opposite Southchip Semiconductor and HaiXin Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Southchip Semiconductor position performs unexpectedly, HaiXin Foods 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 HaiXin Foods will offset losses from the drop in HaiXin Foods' long position.| Southchip Semiconductor vs. Lutian Machinery Co | Southchip Semiconductor vs. China Longyuan Power | Southchip Semiconductor vs. Changshu Tongrun Auto | Southchip Semiconductor vs. PetroChina Co Ltd |
| HaiXin Foods vs. China Petroleum Chemical | HaiXin Foods vs. PetroChina Co Ltd | HaiXin Foods vs. China State Construction | HaiXin Foods vs. China Railway 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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