Two Equities Correlation Analysis
Specify exactly 2 symbols:
HH.CO
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This model provides you with a quick lookup of cross correlation between two equities. Please specify two instruments to run the correlation.
Diversification Opportunities for HH International and NYSE Composite
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HH International and NYSE is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding HH International AS and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and HH International 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 HH International AS are associated (or correlated) with NYSE Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE Composite has no effect on the direction of HH International i.e., HH International and NYSE Composite go up and down completely randomly.
Pair Corralation between HH International and NYSE Composite
Assuming the 90 days horizon HH International AS is expected to generate 3.09 times more return on investment than NYSE Composite. However, HH International is 3.09 times more volatile than NYSE Composite. It trades about 0.03 of its potential returns per unit of risk. NYSE Composite is currently generating about -0.11 per unit of risk. If you would invest 6,840 in HH International AS on January 26, 2024 and sell it today you would earn a total of 60.00 from holding HH International AS or generate 0.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
HH International AS vs. NYSE Composite
Performance |
| Timeline |
HH International and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
HH International AS
Pair trading matchups for HH International
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with HH International and NYSE Composite
The main advantage of trading using opposite HH International and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HH International position performs unexpectedly, NYSE Composite 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 NYSE Composite will offset losses from the drop in NYSE Composite's long position.| HH International vs. Per Aarsleff Holding | HH International vs. Matas AS | HH International vs. DFDS AS | HH International vs. ALK Abell AS |
| NYSE Composite vs. Aduro Clean Technologies | NYSE Composite vs. Transphorm Technology | NYSE Composite vs. Advanced Micro Devices | NYSE Composite vs. IPG Photonics |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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