Correlation Between Henan Shuanghui and Changchun Engley
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By analyzing existing cross correlation between Henan Shuanghui Investment and Changchun Engley Automobile, you can compare the effects of market volatilities on Henan Shuanghui and Changchun Engley 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 Henan Shuanghui with a short position of Changchun Engley. Check out your portfolio center. Please also check ongoing floating volatility patterns of Henan Shuanghui and Changchun Engley.
Diversification Opportunities for Henan Shuanghui and Changchun Engley
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Henan and Changchun is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Henan Shuanghui Investment and Changchun Engley Automobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun Engley Aut and Henan Shuanghui 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 Henan Shuanghui Investment are associated (or correlated) with Changchun Engley. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun Engley Aut has no effect on the direction of Henan Shuanghui i.e., Henan Shuanghui and Changchun Engley go up and down completely randomly.
Pair Corralation between Henan Shuanghui and Changchun Engley
Assuming the 90 days trading horizon Henan Shuanghui Investment is expected to generate 0.53 times more return on investment than Changchun Engley. However, Henan Shuanghui Investment is 1.89 times less risky than Changchun Engley. It trades about 0.05 of its potential returns per unit of risk. Changchun Engley Automobile is currently generating about -0.07 per unit of risk. If you would invest 2,482 in Henan Shuanghui Investment on November 20, 2024 and sell it today you would earn a total of 84.00 from holding Henan Shuanghui Investment or generate 3.38% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Henan Shuanghui Investment vs. Changchun Engley Automobile
Performance |
Timeline |
Henan Shuanghui Inve |
Changchun Engley Aut |
Henan Shuanghui and Changchun Engley Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Henan Shuanghui and Changchun Engley
The main advantage of trading using opposite Henan Shuanghui and Changchun Engley positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Henan Shuanghui position performs unexpectedly, Changchun Engley 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 Changchun Engley will offset losses from the drop in Changchun Engley's long position.Henan Shuanghui vs. Peoples Insurance of | ||
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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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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