Correlation Analysis Between Hang Seng and NQPH

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

 Predicted Return Density 
      Returns 

Hang Seng  vs.  NQPH

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Hang Seng is expected to generate 0.93 times more return on investment than NQPH. However, Hang Seng is 1.07 times less risky than NQPH. It trades about 0.32 of its potential returns per unit of risk. NQPH is currently generating about 0.16 per unit of risk. If you would invest  2,562,353  in Hang Seng on January 18, 2019 and sell it today you would earn a total of  227,731  from holding Hang Seng or generate 8.89% return on investment over 30 days.

Pair Corralation between Hang Seng and NQPH

0.24
Time Period2 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy71.79%
ValuesDaily Returns

Diversification Opportunities for Hang Seng and NQPH

Hang Seng diversification synergy

Modest diversification

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