Correlation Between Shenzhen Agricultural and Sharetronic Data
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By analyzing existing cross correlation between Shenzhen Agricultural Products and Sharetronic Data Technology, you can compare the effects of market volatilities on Shenzhen Agricultural and Sharetronic Data 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 Agricultural with a short position of Sharetronic Data. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Agricultural and Sharetronic Data.
Diversification Opportunities for Shenzhen Agricultural and Sharetronic Data
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenzhen and Sharetronic is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Agricultural Products and Sharetronic Data Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sharetronic Data Tec and Shenzhen Agricultural 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 Agricultural Products are associated (or correlated) with Sharetronic Data. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sharetronic Data Tec has no effect on the direction of Shenzhen Agricultural i.e., Shenzhen Agricultural and Sharetronic Data go up and down completely randomly.
Pair Corralation between Shenzhen Agricultural and Sharetronic Data
Assuming the 90 days trading horizon Shenzhen Agricultural Products is expected to generate 0.37 times more return on investment than Sharetronic Data. However, Shenzhen Agricultural Products is 2.69 times less risky than Sharetronic Data. It trades about 0.35 of its potential returns per unit of risk. Sharetronic Data Technology is currently generating about 0.11 per unit of risk. If you would invest 683.00 in Shenzhen Agricultural Products on September 12, 2024 and sell it today you would earn a total of 94.00 from holding Shenzhen Agricultural Products or generate 13.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Agricultural Products vs. Sharetronic Data Technology
Performance |
| Timeline |
| Shenzhen Agricultural |
| Sharetronic Data Tec |
Shenzhen Agricultural and Sharetronic Data Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Agricultural and Sharetronic Data
The main advantage of trading using opposite Shenzhen Agricultural and Sharetronic Data positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Agricultural position performs unexpectedly, Sharetronic Data 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 Sharetronic Data will offset losses from the drop in Sharetronic Data's long position.| Shenzhen Agricultural vs. Linewell Software Co | Shenzhen Agricultural vs. Huafa Industrial Co | Shenzhen Agricultural vs. Chengtun Mining Group | Shenzhen Agricultural vs. Sichuan Yahua Industrial |
| Sharetronic Data vs. Lutian Machinery Co | Sharetronic Data vs. PetroChina Co Ltd | Sharetronic Data vs. Bank of China | Sharetronic Data vs. Gansu Jiu Steel |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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