Correlation Between Hana Microelectronics and China Outfitters
Can any of the company-specific risk be diversified away by investing in both Hana Microelectronics and China Outfitters 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 Hana Microelectronics and China Outfitters into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hana Microelectronics Public and China Outfitters Holdings, you can compare the effects of market volatilities on Hana Microelectronics and China Outfitters 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 Hana Microelectronics with a short position of China Outfitters. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hana Microelectronics and China Outfitters.
Diversification Opportunities for Hana Microelectronics and China Outfitters
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hana and China is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hana Microelectronics Public and China Outfitters Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Outfitters Holdings and Hana Microelectronics 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 Hana Microelectronics Public are associated (or correlated) with China Outfitters. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Outfitters Holdings has no effect on the direction of Hana Microelectronics i.e., Hana Microelectronics and China Outfitters go up and down completely randomly.
Pair Corralation between Hana Microelectronics and China Outfitters
If you would invest 59.00 in Hana Microelectronics Public on September 4, 2025 and sell it today you would earn a total of 1.00 from holding Hana Microelectronics Public or generate 1.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hana Microelectronics Public vs. China Outfitters Holdings
Performance |
| Timeline |
| Hana Microelectronics |
| China Outfitters Holdings |
Hana Microelectronics and China Outfitters Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hana Microelectronics and China Outfitters
The main advantage of trading using opposite Hana Microelectronics and China Outfitters positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hana Microelectronics position performs unexpectedly, China Outfitters 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 China Outfitters will offset losses from the drop in China Outfitters' long position.| Hana Microelectronics vs. Rexford Industrial Realty | Hana Microelectronics vs. Dream Industrial Real | Hana Microelectronics vs. Zijin Mining Group | Hana Microelectronics vs. Blue Moon Metals |
| China Outfitters vs. Orbite Technologies | China Outfitters vs. Champion Gaming Group | China Outfitters vs. Sharplink Gaming | China Outfitters vs. Asure Software |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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