Correlation Between Xtrackers Harvest and Haoxi Health
Can any of the company-specific risk be diversified away by investing in both Xtrackers Harvest and Haoxi Health at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Xtrackers Harvest and Haoxi Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Xtrackers Harvest CSI and Haoxi Health Technology, you can compare the effects of market volatilities on Xtrackers Harvest and Haoxi Health 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 Xtrackers Harvest with a short position of Haoxi Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xtrackers Harvest and Haoxi Health.
Diversification Opportunities for Xtrackers Harvest and Haoxi Health
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Xtrackers and Haoxi is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Xtrackers Harvest CSI and Haoxi Health Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haoxi Health Technology and Xtrackers Harvest 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 Xtrackers Harvest CSI are associated (or correlated) with Haoxi Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haoxi Health Technology has no effect on the direction of Xtrackers Harvest i.e., Xtrackers Harvest and Haoxi Health go up and down completely randomly.
Pair Corralation between Xtrackers Harvest and Haoxi Health
Given the investment horizon of 90 days Xtrackers Harvest CSI is expected to generate 0.17 times more return on investment than Haoxi Health. However, Xtrackers Harvest CSI is 5.83 times less risky than Haoxi Health. It trades about -0.02 of its potential returns per unit of risk. Haoxi Health Technology is currently generating about -0.19 per unit of risk. If you would invest 2,414 in Xtrackers Harvest CSI on January 25, 2024 and sell it today you would lose (14.00) from holding Xtrackers Harvest CSI or give up 0.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Xtrackers Harvest CSI vs. Haoxi Health Technology
Performance |
| Timeline |
| Xtrackers Harvest CSI |
| Haoxi Health Technology |
Xtrackers Harvest and Haoxi Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xtrackers Harvest and Haoxi Health
The main advantage of trading using opposite Xtrackers Harvest and Haoxi Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xtrackers Harvest position performs unexpectedly, Haoxi Health 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 Haoxi Health will offset losses from the drop in Haoxi Health's long position.| Xtrackers Harvest vs. iShares MSCI India | Xtrackers Harvest vs. HUMANA INC | Xtrackers Harvest vs. Aquagold International | Xtrackers Harvest vs. Morningstar Unconstrained Allocation |
| Haoxi Health vs. Ziff Davis | Haoxi Health vs. Interpublic Group of | Haoxi Health vs. Xunlei Ltd Adr | Haoxi Health vs. Omnicom Group |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| CEOs Directory Screen CEOs from public companies around the world | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |