Correlation Between Shenzhen Centralcon and Autek China
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By analyzing existing cross correlation between Shenzhen Centralcon Investment and Autek China, you can compare the effects of market volatilities on Shenzhen Centralcon and Autek China 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 Shenzhen Centralcon with a short position of Autek China. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Centralcon and Autek China.
Diversification Opportunities for Shenzhen Centralcon and Autek China
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenzhen and Autek is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Centralcon Investment and Autek China in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Autek China and Shenzhen Centralcon 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 Shenzhen Centralcon Investment are associated (or correlated) with Autek China. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Autek China has no effect on the direction of Shenzhen Centralcon i.e., Shenzhen Centralcon and Autek China go up and down completely randomly.
Pair Corralation between Shenzhen Centralcon and Autek China
Assuming the 90 days trading horizon Shenzhen Centralcon Investment is expected to generate 1.1 times more return on investment than Autek China. However, Shenzhen Centralcon is 1.1 times more volatile than Autek China. It trades about -0.02 of its potential returns per unit of risk. Autek China is currently generating about -0.02 per unit of risk. If you would invest 860.00 in Shenzhen Centralcon Investment on September 4, 2024 and sell it today you would lose (318.00) from holding Shenzhen Centralcon Investment or give up 36.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Centralcon Investment vs. Autek China
Performance |
| Timeline |
| Shenzhen Centralcon |
| Autek China |
Shenzhen Centralcon and Autek China Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Centralcon and Autek China
The main advantage of trading using opposite Shenzhen Centralcon and Autek China positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Centralcon position performs unexpectedly, Autek China 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 Autek China will offset losses from the drop in Autek China's long position.| Shenzhen Centralcon vs. Lander Sports Development | Shenzhen Centralcon vs. Longxing Chemical Stock | Shenzhen Centralcon vs. Miracll Chemicals Co | Shenzhen Centralcon vs. Sportsoul Co Ltd |
| Autek China vs. Dalian Zeus Entertainment | Autek China vs. Beijing Bashi Media | Autek China vs. Dazhong Transportation Group | Autek China vs. Shanghai Broadband Technology |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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