Correlation Between Armada Hflr and Beijing Shunxin
Specify exactly 2 symbols:
By analyzing existing cross correlation between Armada Hflr Pr and Beijing Shunxin Agriculture, you can compare the effects of market volatilities on Armada Hflr and Beijing Shunxin 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 Armada Hflr with a short position of Beijing Shunxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Armada Hflr and Beijing Shunxin.
Diversification Opportunities for Armada Hflr and Beijing Shunxin
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Armada and Beijing is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Armada Hflr Pr and Beijing Shunxin Agriculture in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Shunxin Agri and Armada Hflr 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 Armada Hflr Pr are associated (or correlated) with Beijing Shunxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Shunxin Agri has no effect on the direction of Armada Hflr i.e., Armada Hflr and Beijing Shunxin go up and down completely randomly.
Pair Corralation between Armada Hflr and Beijing Shunxin
Considering the 90-day investment horizon Armada Hflr Pr is expected to under-perform the Beijing Shunxin. But the stock apears to be less risky and, when comparing its historical volatility, Armada Hflr Pr is 2.36 times less risky than Beijing Shunxin. The stock trades about -0.07 of its potential returns per unit of risk. The Beijing Shunxin Agriculture is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 1,412 in Beijing Shunxin Agriculture on September 17, 2024 and sell it today you would earn a total of 596.00 from holding Beijing Shunxin Agriculture or generate 42.21% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 92.31% |
Values | Daily Returns |
Armada Hflr Pr vs. Beijing Shunxin Agriculture
Performance |
Timeline |
Armada Hflr Pr |
Beijing Shunxin Agri |
Armada Hflr and Beijing Shunxin Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Armada Hflr and Beijing Shunxin
The main advantage of trading using opposite Armada Hflr and Beijing Shunxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Armada Hflr position performs unexpectedly, Beijing Shunxin 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 Beijing Shunxin will offset losses from the drop in Beijing Shunxin's long position.Armada Hflr vs. Boston Properties | Armada Hflr vs. Alexandria Real Estate | Armada Hflr vs. Vornado Realty Trust | Armada Hflr vs. Highwoods Properties |
Beijing Shunxin vs. HeBei Jinniu Chemical | Beijing Shunxin vs. NBTM New Materials | Beijing Shunxin vs. China Railway Materials | Beijing Shunxin vs. Nanya New Material |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |