Correlation Between Hangzhou Century and Coherent
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By analyzing existing cross correlation between Hangzhou Century Co and Coherent, you can compare the effects of market volatilities on Hangzhou Century and Coherent 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 Hangzhou Century with a short position of Coherent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Century and Coherent.
Diversification Opportunities for Hangzhou Century and Coherent
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hangzhou and Coherent is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Century Co and Coherent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Coherent and Hangzhou Century 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 Hangzhou Century Co are associated (or correlated) with Coherent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coherent has no effect on the direction of Hangzhou Century i.e., Hangzhou Century and Coherent go up and down completely randomly.
Pair Corralation between Hangzhou Century and Coherent
Assuming the 90 days trading horizon Hangzhou Century is expected to generate 3.2 times less return on investment than Coherent. But when comparing it to its historical volatility, Hangzhou Century Co is 2.61 times less risky than Coherent. It trades about 0.17 of its potential returns per unit of risk. Coherent is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 11,279 in Coherent on August 3, 2025 and sell it today you would earn a total of 1,917 from holding Coherent or generate 17.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 77.27% |
| Values | Daily Returns |
Hangzhou Century Co vs. Coherent
Performance |
| Timeline |
| Hangzhou Century |
| Coherent |
Hangzhou Century and Coherent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Century and Coherent
The main advantage of trading using opposite Hangzhou Century and Coherent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Century position performs unexpectedly, Coherent 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 Coherent will offset losses from the drop in Coherent's long position.| Hangzhou Century vs. Xiangyu Medical Co | Hangzhou Century vs. Eastern Air Logistics | Hangzhou Century vs. Shanghai Sanyou Medical | Hangzhou Century vs. Jointo Energy Investment |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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