Correlation Between HaiXin Foods and MayAir Technology
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By analyzing existing cross correlation between HaiXin Foods Co and MayAir Technology Co, you can compare the effects of market volatilities on HaiXin Foods and MayAir Technology 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 HaiXin Foods with a short position of MayAir Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of HaiXin Foods and MayAir Technology.
Diversification Opportunities for HaiXin Foods and MayAir Technology
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between HaiXin and MayAir is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding HaiXin Foods Co and MayAir Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MayAir Technology and HaiXin Foods 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 HaiXin Foods Co are associated (or correlated) with MayAir Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MayAir Technology has no effect on the direction of HaiXin Foods i.e., HaiXin Foods and MayAir Technology go up and down completely randomly.
Pair Corralation between HaiXin Foods and MayAir Technology
Assuming the 90 days trading horizon HaiXin Foods Co is expected to under-perform the MayAir Technology. But the stock apears to be less risky and, when comparing its historical volatility, HaiXin Foods Co is 1.05 times less risky than MayAir Technology. The stock trades about -0.01 of its potential returns per unit of risk. The MayAir Technology Co is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 3,480 in MayAir Technology Co on September 29, 2024 and sell it today you would earn a total of 3.00 from holding MayAir Technology Co or generate 0.09% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
HaiXin Foods Co vs. MayAir Technology Co
Performance |
Timeline |
HaiXin Foods |
MayAir Technology |
HaiXin Foods and MayAir Technology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HaiXin Foods and MayAir Technology
The main advantage of trading using opposite HaiXin Foods and MayAir Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HaiXin Foods position performs unexpectedly, MayAir Technology 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 MayAir Technology will offset losses from the drop in MayAir Technology's long position.HaiXin Foods vs. Shenzhen Clou Electronics | HaiXin Foods vs. Integrated Electronic Systems | HaiXin Foods vs. Lander Sports Development | HaiXin Foods vs. Jiangyin Jianghua Microelectronics |
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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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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