Correlation Between Shanghai Action and Harvest Fund
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By analyzing existing cross correlation between Shanghai Action Education and Harvest Fund Management, you can compare the effects of market volatilities on Shanghai Action and Harvest Fund 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 Shanghai Action with a short position of Harvest Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Action and Harvest Fund.
Diversification Opportunities for Shanghai Action and Harvest Fund
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Shanghai and Harvest is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Action Education and Harvest Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harvest Fund Management and Shanghai Action 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 Shanghai Action Education are associated (or correlated) with Harvest Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harvest Fund Management has no effect on the direction of Shanghai Action i.e., Shanghai Action and Harvest Fund go up and down completely randomly.
Pair Corralation between Shanghai Action and Harvest Fund
Assuming the 90 days trading horizon Shanghai Action Education is expected to generate 4.69 times more return on investment than Harvest Fund. However, Shanghai Action is 4.69 times more volatile than Harvest Fund Management. It trades about 0.13 of its potential returns per unit of risk. Harvest Fund Management is currently generating about 0.32 per unit of risk. If you would invest 3,246 in Shanghai Action Education on September 24, 2024 and sell it today you would earn a total of 237.00 from holding Shanghai Action Education or generate 7.3% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Shanghai Action Education vs. Harvest Fund Management
Performance |
Timeline |
Shanghai Action Education |
Harvest Fund Management |
Shanghai Action and Harvest Fund Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Shanghai Action and Harvest Fund
The main advantage of trading using opposite Shanghai Action and Harvest Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Action position performs unexpectedly, Harvest Fund 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 Harvest Fund will offset losses from the drop in Harvest Fund's long position.Shanghai Action vs. Harvest Fund Management | Shanghai Action vs. Anyang Iron Steel | Shanghai Action vs. Beijing SPC Environment | Shanghai Action vs. AVIC Fund Management |
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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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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