Correlation Between Yuexiu Transport and Hasbro
Can any of the company-specific risk be diversified away by investing in both Yuexiu Transport and Hasbro at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Yuexiu Transport and Hasbro into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Yuexiu Transport Infrastructure and Hasbro Inc, you can compare the effects of market volatilities on Yuexiu Transport and Hasbro 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 Yuexiu Transport with a short position of Hasbro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yuexiu Transport and Hasbro.
Diversification Opportunities for Yuexiu Transport and Hasbro
-0.83 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Yuexiu and Hasbro is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding Yuexiu Transport Infrastructur and Hasbro Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hasbro Inc and Yuexiu Transport 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 Yuexiu Transport Infrastructure are associated (or correlated) with Hasbro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hasbro Inc has no effect on the direction of Yuexiu Transport i.e., Yuexiu Transport and Hasbro go up and down completely randomly.
Pair Corralation between Yuexiu Transport and Hasbro
If you would invest 58.00 in Yuexiu Transport Infrastructure on September 19, 2024 and sell it today you would earn a total of 0.00 from holding Yuexiu Transport Infrastructure or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yuexiu Transport Infrastructur vs. Hasbro Inc
Performance |
| Timeline |
| Yuexiu Transport Inf |
| Hasbro Inc |
Yuexiu Transport and Hasbro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yuexiu Transport and Hasbro
The main advantage of trading using opposite Yuexiu Transport and Hasbro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yuexiu Transport position performs unexpectedly, Hasbro 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 Hasbro will offset losses from the drop in Hasbro's long position.| Yuexiu Transport vs. Zhejiang Expressway Co | Yuexiu Transport vs. Jiangsu Expressway Co | Yuexiu Transport vs. Jiangsu Expressway | Yuexiu Transport vs. Verra Mobility Corp |
| Hasbro vs. Clarus Corp | Hasbro vs. OneSpaWorld Holdings | Hasbro vs. Leatt Corp | Hasbro vs. Six Flags Entertainment |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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