Correlation Between Holitech Technology and Changchun BCHT
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By analyzing existing cross correlation between Holitech Technology Co and Changchun BCHT Biotechnology, you can compare the effects of market volatilities on Holitech Technology and Changchun BCHT 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 Changchun BCHT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Changchun BCHT.
Diversification Opportunities for Holitech Technology and Changchun BCHT
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Holitech and Changchun is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Changchun BCHT Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun BCHT Biote 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 Changchun BCHT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun BCHT Biote has no effect on the direction of Holitech Technology i.e., Holitech Technology and Changchun BCHT go up and down completely randomly.
Pair Corralation between Holitech Technology and Changchun BCHT
Assuming the 90 days trading horizon Holitech Technology Co is expected to generate 1.75 times more return on investment than Changchun BCHT. However, Holitech Technology is 1.75 times more volatile than Changchun BCHT Biotechnology. It trades about 0.22 of its potential returns per unit of risk. Changchun BCHT Biotechnology is currently generating about -0.12 per unit of risk. If you would invest 130.00 in Holitech Technology Co on October 21, 2024 and sell it today you would earn a total of 80.00 from holding Holitech Technology Co or generate 61.54% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Holitech Technology Co vs. Changchun BCHT Biotechnology
Performance |
Timeline |
Holitech Technology |
Changchun BCHT Biote |
Holitech Technology and Changchun BCHT Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Holitech Technology and Changchun BCHT
The main advantage of trading using opposite Holitech Technology and Changchun BCHT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Changchun BCHT 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 BCHT will offset losses from the drop in Changchun BCHT's long position.Holitech Technology vs. Xiamen Jihong Package | Holitech Technology vs. Bingo Software Co | Holitech Technology vs. Jiangsu Financial Leasing | Holitech Technology vs. Jiangsu Hoperun Software |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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