Correlation Between Holitech Technology and Chongqing Rural
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By analyzing existing cross correlation between Holitech Technology Co and Chongqing Rural Commercial, you can compare the effects of market volatilities on Holitech Technology and Chongqing Rural 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 Holitech Technology with a short position of Chongqing Rural. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Chongqing Rural.
Diversification Opportunities for Holitech Technology and Chongqing Rural
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Holitech and Chongqing is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Chongqing Rural Commercial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Rural Comm and Holitech Technology 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 Holitech Technology Co are associated (or correlated) with Chongqing Rural. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Rural Comm has no effect on the direction of Holitech Technology i.e., Holitech Technology and Chongqing Rural go up and down completely randomly.
Pair Corralation between Holitech Technology and Chongqing Rural
Assuming the 90 days trading horizon Holitech Technology is expected to generate 2.73 times less return on investment than Chongqing Rural. In addition to that, Holitech Technology is 2.38 times more volatile than Chongqing Rural Commercial. It trades about 0.01 of its total potential returns per unit of risk. Chongqing Rural Commercial is currently generating about 0.09 per unit of volatility. If you would invest 409.00 in Chongqing Rural Commercial on September 20, 2024 and sell it today you would earn a total of 166.00 from holding Chongqing Rural Commercial or generate 40.59% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Holitech Technology Co vs. Chongqing Rural Commercial
Performance |
Timeline |
Holitech Technology |
Chongqing Rural Comm |
Holitech Technology and Chongqing Rural Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Holitech Technology and Chongqing Rural
The main advantage of trading using opposite Holitech Technology and Chongqing Rural positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Chongqing Rural 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 Chongqing Rural will offset losses from the drop in Chongqing Rural's long position.Holitech Technology vs. Changchun Faway Automobile | Holitech Technology vs. Yindu Kitchen Equipment | Holitech Technology vs. Bus Online Co | Holitech Technology vs. Ningbo Fangzheng Automobile |
Chongqing Rural vs. Cultural Investment Holdings | Chongqing Rural vs. Gome Telecom Equipment | Chongqing Rural vs. Holitech Technology Co | Chongqing Rural vs. Zotye Automobile 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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