Correlation Between Harbin Hatou and Eastroc Beverage
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By analyzing existing cross correlation between Harbin Hatou Investment and Eastroc Beverage Group, you can compare the effects of market volatilities on Harbin Hatou and Eastroc Beverage 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 Harbin Hatou with a short position of Eastroc Beverage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and Eastroc Beverage.
Diversification Opportunities for Harbin Hatou and Eastroc Beverage
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Harbin and Eastroc is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou Investment and Eastroc Beverage Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastroc Beverage and Harbin Hatou 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 Harbin Hatou Investment are associated (or correlated) with Eastroc Beverage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastroc Beverage has no effect on the direction of Harbin Hatou i.e., Harbin Hatou and Eastroc Beverage go up and down completely randomly.
Pair Corralation between Harbin Hatou and Eastroc Beverage
Assuming the 90 days trading horizon Harbin Hatou Investment is expected to generate 1.71 times more return on investment than Eastroc Beverage. However, Harbin Hatou is 1.71 times more volatile than Eastroc Beverage Group. It trades about 0.15 of its potential returns per unit of risk. Eastroc Beverage Group is currently generating about 0.21 per unit of risk. If you would invest 550.00 in Harbin Hatou Investment on September 26, 2024 and sell it today you would earn a total of 205.00 from holding Harbin Hatou Investment or generate 37.27% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Harbin Hatou Investment vs. Eastroc Beverage Group
Performance |
Timeline |
Harbin Hatou Investment |
Eastroc Beverage |
Harbin Hatou and Eastroc Beverage Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Harbin Hatou and Eastroc Beverage
The main advantage of trading using opposite Harbin Hatou and Eastroc Beverage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou position performs unexpectedly, Eastroc Beverage 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 Eastroc Beverage will offset losses from the drop in Eastroc Beverage's long position.Harbin Hatou vs. Guilin Seamild Foods | Harbin Hatou vs. Eastroc Beverage Group | Harbin Hatou vs. Tianshan Aluminum Group | Harbin Hatou vs. Tongling Nonferrous Metals |
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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