Correlation Between Armada Hflr and Zhejiang Huatong
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By analyzing existing cross correlation between Armada Hflr Pr and Zhejiang Huatong Meat, you can compare the effects of market volatilities on Armada Hflr and Zhejiang Huatong 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 Zhejiang Huatong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Armada Hflr and Zhejiang Huatong.
Diversification Opportunities for Armada Hflr and Zhejiang Huatong
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Armada and Zhejiang is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Armada Hflr Pr and Zhejiang Huatong Meat in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Huatong Meat 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 Zhejiang Huatong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Huatong Meat has no effect on the direction of Armada Hflr i.e., Armada Hflr and Zhejiang Huatong go up and down completely randomly.
Pair Corralation between Armada Hflr and Zhejiang Huatong
Considering the 90-day investment horizon Armada Hflr Pr is expected to under-perform the Zhejiang Huatong. But the stock apears to be less risky and, when comparing its historical volatility, Armada Hflr Pr is 3.32 times less risky than Zhejiang Huatong. The stock trades about -0.07 of its potential returns per unit of risk. The Zhejiang Huatong Meat is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 1,145 in Zhejiang Huatong Meat on September 26, 2024 and sell it today you would earn a total of 151.00 from holding Zhejiang Huatong Meat or generate 13.19% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 93.65% |
Values | Daily Returns |
Armada Hflr Pr vs. Zhejiang Huatong Meat
Performance |
Timeline |
Armada Hflr Pr |
Zhejiang Huatong Meat |
Armada Hflr and Zhejiang Huatong Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Armada Hflr and Zhejiang Huatong
The main advantage of trading using opposite Armada Hflr and Zhejiang Huatong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Armada Hflr position performs unexpectedly, Zhejiang Huatong 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 Zhejiang Huatong will offset losses from the drop in Zhejiang Huatong's long position.Armada Hflr vs. Realty Income | Armada Hflr vs. Park Hotels Resorts | Armada Hflr vs. Power REIT | Armada Hflr vs. Urban Edge Properties |
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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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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