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
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Comparative Performance

Hang Seng  vs.  NQPH

 Performance (%) 

Pair Volatility

Given the investment horizon of 30 days, Hang Seng is expected to under-perform the NQPH. In addition to that, Hang Seng is 1.07 times more volatile than NQPH. It trades about -0.27 of its total potential returns per unit of risk. NQPH is currently generating about 0.04 per unit of volatility. If you would invest  109,941  in NQPH on May 18, 2019 and sell it today you would earn a total of  1,447  from holding NQPH or generate 1.32% return on investment over 30 days.

Pair Corralation between Hang Seng and NQPH

Time Period2 Months [change]
ValuesDaily Returns

Diversification Opportunities for Hang Seng and NQPH

Hang Seng diversification synergy

Pay attention

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.
See also your portfolio center. Please also try Idea Breakdown module to analyze constituents of all macroaxis ideas. macroaxis investment ideas are predefined, sector-focused investing themes.