Correlation Between Ivanhoe Electric and Hongda
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By analyzing existing cross correlation between Ivanhoe Electric and Hongda, you can compare the effects of market volatilities on Ivanhoe Electric and Hongda 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 Ivanhoe Electric with a short position of Hongda. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ivanhoe Electric and Hongda.
Diversification Opportunities for Ivanhoe Electric and Hongda
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ivanhoe and Hongda is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Ivanhoe Electric and Hongda in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hongda and Ivanhoe Electric 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 Ivanhoe Electric are associated (or correlated) with Hongda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hongda has no effect on the direction of Ivanhoe Electric i.e., Ivanhoe Electric and Hongda go up and down completely randomly.
Pair Corralation between Ivanhoe Electric and Hongda
Allowing for the 90-day total investment horizon Ivanhoe Electric is expected to generate 1.94 times more return on investment than Hongda. However, Ivanhoe Electric is 1.94 times more volatile than Hongda. It trades about 0.2 of its potential returns per unit of risk. Hongda is currently generating about -0.02 per unit of risk. If you would invest 883.00 in Ivanhoe Electric on September 11, 2025 and sell it today you would earn a total of 660.00 from holding Ivanhoe Electric or generate 74.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 92.19% |
| Values | Daily Returns |
Ivanhoe Electric vs. Hongda
Performance |
| Timeline |
| Ivanhoe Electric |
| Hongda |
Ivanhoe Electric and Hongda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ivanhoe Electric and Hongda
The main advantage of trading using opposite Ivanhoe Electric and Hongda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ivanhoe Electric position performs unexpectedly, Hongda 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 Hongda will offset losses from the drop in Hongda's long position.| Ivanhoe Electric vs. Jamf Holding | Ivanhoe Electric vs. Progress Software | Ivanhoe Electric vs. DoubleVerify Holdings | Ivanhoe Electric vs. ePlus inc |
| Hongda vs. Telling Telecommunication Holding | Hongda vs. Zhongrun Resources Investment | Hongda vs. Guangdong Advertising Co | Hongda vs. Xiandai Investment Co |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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