Correlation Between IClick Interactive and Haoxi Health

Specify exactly 2 symbols:
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

-0.31
  Correlation Coefficient

Very good diversification

The 3 months correlation between IClick and Haoxi is -0.31. 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 under-perform the Haoxi Health. In addition to that, IClick Interactive is 1.16 times more volatile than Haoxi Health Technology. It trades about -0.3 of its total potential returns per unit of risk. Haoxi Health Technology is currently generating about -0.3 per unit of volatility. If you would invest  231.00  in Haoxi Health Technology on December 2, 2024 and sell it today you would lose (49.00) from holding Haoxi Health Technology or give up 21.21% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy95.24%
ValuesDaily Returns

iClick Interactive Asia  vs.  Haoxi Health Technology

 Performance 
       Timeline  
iClick Interactive Asia 

Risk-Adjusted Performance

Insignificant

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in iClick Interactive Asia are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. Despite quite fragile essential indicators, IClick Interactive disclosed solid returns over the last few months and may actually be approaching a breakup point.
Haoxi Health Technology 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Haoxi Health Technology has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Etf's basic indicators remain very healthy which may send shares a bit higher in April 2025. The recent disarray may also be a sign of long period up-swing for the ETF investors.

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.
The idea behind iClick Interactive Asia and Haoxi Health Technology pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.

Other Complementary Tools

Fundamental Analysis
View fundamental data based on most recent published financial statements
Latest Portfolios
Quick portfolio dashboard that showcases your latest portfolios
Headlines Timeline
Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity
Portfolio File Import
Quickly import all of your third-party portfolios from your local drive in csv format
Balance Of Power
Check stock momentum by analyzing Balance Of Power indicator and other technical ratios