Correlation Between China Hongqiao and 90331HPL1
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By analyzing existing cross correlation between China Hongqiao Group and US BANK NATIONAL, you can compare the effects of market volatilities on China Hongqiao and 90331HPL1 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 China Hongqiao with a short position of 90331HPL1. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Hongqiao and 90331HPL1.
Diversification Opportunities for China Hongqiao and 90331HPL1
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between China and 90331HPL1 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding China Hongqiao Group and US BANK NATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US BANK NATIONAL and China Hongqiao 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 China Hongqiao Group are associated (or correlated) with 90331HPL1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US BANK NATIONAL has no effect on the direction of China Hongqiao i.e., China Hongqiao and 90331HPL1 go up and down completely randomly.
Pair Corralation between China Hongqiao and 90331HPL1
If you would invest 9,996 in US BANK NATIONAL on November 9, 2024 and sell it today you would earn a total of 0.00 from holding US BANK NATIONAL or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
China Hongqiao Group vs. US BANK NATIONAL
Performance |
| Timeline |
| China Hongqiao Group |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| US BANK NATIONAL |
China Hongqiao and 90331HPL1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Hongqiao and 90331HPL1
The main advantage of trading using opposite China Hongqiao and 90331HPL1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Hongqiao position performs unexpectedly, 90331HPL1 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 90331HPL1 will offset losses from the drop in 90331HPL1's long position.| China Hongqiao vs. Constellium Nv | China Hongqiao vs. Century Aluminum | China Hongqiao vs. Alcoa Corp | China Hongqiao vs. China Hongqiao Group |
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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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