Correlation Analysis Between Hang Seng and NQTH

This module allows you to analyze existing cross correlation between Hang Seng and NQTH. You can compare the effects of market volatilities on Hang Seng and NQTH 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 Hang Seng with a short position of NQTH. See also your portfolio center. Please also check ongoing floating volatility patterns of Hang Seng and NQTH.
 Time Horizon     30 Days    Login   to change
Symbolsvs

Hang Seng  vs.  NQTH

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Hang Seng is expected to under-perform the NQTH. But the index apears to be less risky and, when comparing its historical volatility, Hang Seng is 1.24 times less risky than NQTH. The index trades about -0.27 of its potential returns per unit of risk. The NQTH is currently generating about -0.07 of returns per unit of risk over similar time horizon. If you would invest  110,773  in NQTH on June 20, 2018 and sell it today you would lose (1,864)  from holding NQTH or give up 1.68% of portfolio value over 30 days.

Pair Corralation between Hang Seng and NQTH

-0.12
Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy76.67%
ValuesDaily Returns

Diversification

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Hang Seng and NQTH in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NQTH and Hang Seng 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 Hang Seng are associated (or correlated) with NQTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NQTH has no effect on the direction of Hang Seng i.e. Hang Seng and NQTH go up and down completely randomly.
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Comparative Volatility

 Predicted Return Density 
      Returns 

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