Correlation Between Hong Kong and 67GX
Can any of the company-specific risk be diversified away by investing in both Hong Kong and 67GX 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 Hong Kong and 67GX into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hong Kong Land and 67GX, you can compare the effects of market volatilities on Hong Kong and 67GX 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 Hong Kong with a short position of 67GX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hong Kong and 67GX.
Diversification Opportunities for Hong Kong and 67GX
Good diversification
The 3 months correlation between Hong and 67GX is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Hong Kong Land and 67GX in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 67GX and Hong Kong 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 Hong Kong Land are associated (or correlated) with 67GX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 67GX has no effect on the direction of Hong Kong i.e., Hong Kong and 67GX go up and down completely randomly.
Pair Corralation between Hong Kong and 67GX
Assuming the 90 days trading horizon Hong Kong Land is expected to generate 0.2 times more return on investment than 67GX. However, Hong Kong Land is 5.06 times less risky than 67GX. It trades about 0.13 of its potential returns per unit of risk. 67GX is currently generating about 0.0 per unit of risk. If you would invest 735.00 in Hong Kong Land on August 5, 2025 and sell it today you would earn a total of 6.00 from holding Hong Kong Land or generate 0.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hong Kong Land vs. 67GX
Performance |
| Timeline |
| Hong Kong Land |
| 67GX |
Hong Kong and 67GX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hong Kong and 67GX
The main advantage of trading using opposite Hong Kong and 67GX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hong Kong position performs unexpectedly, 67GX 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 67GX will offset losses from the drop in 67GX's long position.| Hong Kong vs. Silvercorp Metals | Hong Kong vs. iShares Physical Silver | Hong Kong vs. Supermarket Income REIT | Hong Kong vs. Pan American Silver |
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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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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