Correlation Between IClick Interactive and Haoxi Health
Can any of the company-specific risk be diversified away by investing in both IClick Interactive and Haoxi Health at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining IClick Interactive and Haoxi Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between iClick Interactive Asia and Haoxi Health Technology, you can compare the effects of market volatilities on IClick Interactive and Haoxi Health 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 IClick Interactive with a short position of Haoxi Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of IClick Interactive and Haoxi Health.
Diversification Opportunities for IClick Interactive and Haoxi Health
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between IClick and Haoxi is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding iClick Interactive Asia and Haoxi Health Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haoxi Health Technology and IClick Interactive 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 iClick Interactive Asia are associated (or correlated) with Haoxi Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haoxi Health Technology has no effect on the direction of IClick Interactive i.e., IClick Interactive and Haoxi Health go up and down completely randomly.
Pair Corralation between IClick Interactive and Haoxi Health
Given the investment horizon of 90 days iClick Interactive Asia is expected to generate 0.68 times more return on investment than Haoxi Health. However, iClick Interactive Asia is 1.46 times less risky than Haoxi Health. It trades about 0.05 of its potential returns per unit of risk. Haoxi Health Technology is currently generating about -0.07 per unit of risk. If you would invest 859.00 in iClick Interactive Asia on December 27, 2024 and sell it today you would earn a total of 65.00 from holding iClick Interactive Asia or generate 7.57% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 85.0% |
Values | Daily Returns |
iClick Interactive Asia vs. Haoxi Health Technology
Performance |
Timeline |
iClick Interactive Asia |
Risk-Adjusted Performance
Insignificant
Weak | Strong |
Haoxi Health Technology |
IClick Interactive and Haoxi Health Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with IClick Interactive and Haoxi Health
The main advantage of trading using opposite IClick Interactive and Haoxi Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IClick Interactive position performs unexpectedly, Haoxi Health 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 Haoxi Health will offset losses from the drop in Haoxi Health's long position.IClick Interactive vs. Mirriad Advertising plc | IClick Interactive vs. INEO Tech Corp | IClick Interactive vs. Kidoz Inc | IClick Interactive vs. Marchex |
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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 Global Correlations module to find global opportunities by holding instruments from different markets.
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