Correlation Between Armada Hflr and Beijing Tongyizhong
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By analyzing existing cross correlation between Armada Hflr Pr and Beijing Tongyizhong New, you can compare the effects of market volatilities on Armada Hflr and Beijing Tongyizhong 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 Armada Hflr with a short position of Beijing Tongyizhong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Armada Hflr and Beijing Tongyizhong.
Diversification Opportunities for Armada Hflr and Beijing Tongyizhong
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Armada and Beijing is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Armada Hflr Pr and Beijing Tongyizhong New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Tongyizhong New and Armada Hflr 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 Armada Hflr Pr are associated (or correlated) with Beijing Tongyizhong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Tongyizhong New has no effect on the direction of Armada Hflr i.e., Armada Hflr and Beijing Tongyizhong go up and down completely randomly.
Pair Corralation between Armada Hflr and Beijing Tongyizhong
Considering the 90-day investment horizon Armada Hflr Pr is expected to under-perform the Beijing Tongyizhong. But the stock apears to be less risky and, when comparing its historical volatility, Armada Hflr Pr is 1.87 times less risky than Beijing Tongyizhong. The stock trades about -0.02 of its potential returns per unit of risk. The Beijing Tongyizhong New is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,426 in Beijing Tongyizhong New on September 14, 2024 and sell it today you would lose (3.00) from holding Beijing Tongyizhong New or give up 0.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.58% |
| Values | Daily Returns |
Armada Hflr Pr vs. Beijing Tongyizhong New
Performance |
| Timeline |
| Armada Hflr Pr |
| Beijing Tongyizhong New |
Armada Hflr and Beijing Tongyizhong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Armada Hflr and Beijing Tongyizhong
The main advantage of trading using opposite Armada Hflr and Beijing Tongyizhong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Armada Hflr position performs unexpectedly, Beijing Tongyizhong 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 Beijing Tongyizhong will offset losses from the drop in Beijing Tongyizhong's long position.| Armada Hflr vs. Modiv Inc | Armada Hflr vs. Precinct Properties New | Armada Hflr vs. Global Net Lease | Armada Hflr vs. NexPoint Diversified Real |
| Beijing Tongyizhong vs. Anhui Deli Household | Beijing Tongyizhong vs. Hainan Haiqi Transportation | Beijing Tongyizhong vs. Chongqing Changan Automobile | Beijing Tongyizhong vs. Yindu Kitchen Equipment |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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