Correlation Between Highway Holdings and MASSIN
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By analyzing existing cross correlation between Highway Holdings Limited and MASSIN 3067 01 APR 52, you can compare the effects of market volatilities on Highway Holdings and MASSIN 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 Highway Holdings with a short position of MASSIN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Highway Holdings and MASSIN.
Diversification Opportunities for Highway Holdings and MASSIN
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Highway and MASSIN is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Highway Holdings Limited and MASSIN 3067 01 APR 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MASSIN 3067 01 and Highway Holdings 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 Highway Holdings Limited are associated (or correlated) with MASSIN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MASSIN 3067 01 has no effect on the direction of Highway Holdings i.e., Highway Holdings and MASSIN go up and down completely randomly.
Pair Corralation between Highway Holdings and MASSIN
Given the investment horizon of 90 days Highway Holdings Limited is expected to under-perform the MASSIN. In addition to that, Highway Holdings is 1.26 times more volatile than MASSIN 3067 01 APR 52. It trades about -0.1 of its total potential returns per unit of risk. MASSIN 3067 01 APR 52 is currently generating about 0.49 per unit of volatility. If you would invest 7,046 in MASSIN 3067 01 APR 52 on September 13, 2024 and sell it today you would earn a total of 291.00 from holding MASSIN 3067 01 APR 52 or generate 4.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 38.1% |
| Values | Daily Returns |
Highway Holdings Limited vs. MASSIN 3067 01 APR 52
Performance |
| Timeline |
| Highway Holdings |
| MASSIN 3067 01 |
Highway Holdings and MASSIN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Highway Holdings and MASSIN
The main advantage of trading using opposite Highway Holdings and MASSIN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Highway Holdings position performs unexpectedly, MASSIN 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 MASSIN will offset losses from the drop in MASSIN's long position.| Highway Holdings vs. Deswell Industries | Highway Holdings vs. Euro Tech Holdings | Highway Holdings vs. China Natural Resources | Highway Holdings vs. Arts Way Manufacturing Co |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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