Correlation Between Hitech Group and Click Holdings
Can any of the company-specific risk be diversified away by investing in both Hitech Group and Click Holdings 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 Hitech Group and Click Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hitech Group Australia and Click Holdings Limited, you can compare the effects of market volatilities on Hitech Group and Click Holdings 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 Hitech Group with a short position of Click Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hitech Group and Click Holdings.
Diversification Opportunities for Hitech Group and Click Holdings
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hitech and Click is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Hitech Group Australia and Click Holdings Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Click Holdings and Hitech Group 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 Hitech Group Australia are associated (or correlated) with Click Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Click Holdings has no effect on the direction of Hitech Group i.e., Hitech Group and Click Holdings go up and down completely randomly.
Pair Corralation between Hitech Group and Click Holdings
Assuming the 90 days trading horizon Hitech Group Australia is expected to generate 0.19 times more return on investment than Click Holdings. However, Hitech Group Australia is 5.27 times less risky than Click Holdings. It trades about -0.08 of its potential returns per unit of risk. Click Holdings Limited is currently generating about -0.03 per unit of risk. If you would invest 185.00 in Hitech Group Australia on August 15, 2025 and sell it today you would lose (20.00) from holding Hitech Group Australia or give up 10.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.46% |
| Values | Daily Returns |
Hitech Group Australia vs. Click Holdings Limited
Performance |
| Timeline |
| Hitech Group Australia |
| Click Holdings |
Hitech Group and Click Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hitech Group and Click Holdings
The main advantage of trading using opposite Hitech Group and Click Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hitech Group position performs unexpectedly, Click Holdings 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 Click Holdings will offset losses from the drop in Click Holdings' long position.| Hitech Group vs. Djerriwarrh Investments | Hitech Group vs. Dpm Metals | Hitech Group vs. Sandon Capital Investments | Hitech Group vs. Microequities Asset Management |
| Click Holdings vs. BIO Key International | Click Holdings vs. Addentax Group Corp | Click Holdings vs. Professional Diversity Network | Click Holdings vs. SUNation Energy |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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