Correlation Between Leaguer Shenzhen and Harbin Hatou
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By analyzing existing cross correlation between Leaguer Shenzhen MicroElectronics and Harbin Hatou Investment, you can compare the effects of market volatilities on Leaguer Shenzhen and Harbin Hatou 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 Leaguer Shenzhen with a short position of Harbin Hatou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Leaguer Shenzhen and Harbin Hatou.
Diversification Opportunities for Leaguer Shenzhen and Harbin Hatou
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Leaguer and Harbin is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Leaguer Shenzhen MicroElectron and Harbin Hatou Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Hatou Investment and Leaguer Shenzhen 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 Leaguer Shenzhen MicroElectronics are associated (or correlated) with Harbin Hatou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Hatou Investment has no effect on the direction of Leaguer Shenzhen i.e., Leaguer Shenzhen and Harbin Hatou go up and down completely randomly.
Pair Corralation between Leaguer Shenzhen and Harbin Hatou
Assuming the 90 days trading horizon Leaguer Shenzhen MicroElectronics is expected to under-perform the Harbin Hatou. But the stock apears to be less risky and, when comparing its historical volatility, Leaguer Shenzhen MicroElectronics is 1.42 times less risky than Harbin Hatou. The stock trades about -0.03 of its potential returns per unit of risk. The Harbin Hatou Investment is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 723.00 in Harbin Hatou Investment on September 13, 2024 and sell it today you would earn a total of 11.00 from holding Harbin Hatou Investment or generate 1.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Leaguer Shenzhen MicroElectron vs. Harbin Hatou Investment
Performance |
| Timeline |
| Leaguer Shenzhen Mic |
| Harbin Hatou Investment |
Leaguer Shenzhen and Harbin Hatou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Leaguer Shenzhen and Harbin Hatou
The main advantage of trading using opposite Leaguer Shenzhen and Harbin Hatou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Leaguer Shenzhen position performs unexpectedly, Harbin Hatou 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 Hatou will offset losses from the drop in Harbin Hatou's long position.| Leaguer Shenzhen vs. Nanjing Putian Telecommunications | Leaguer Shenzhen vs. Tianjin Realty Development | Leaguer Shenzhen vs. Kangyue Technology Co | Leaguer Shenzhen vs. Shenzhen Hifuture Electric |
| Harbin Hatou vs. Industrial and Commercial | Harbin Hatou vs. Agricultural Bank of | Harbin Hatou vs. China Construction Bank | Harbin Hatou vs. Bank of China |
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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