Correlation Between Shenzhen SDG and Yes Optoelectronics
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By analyzing existing cross correlation between Shenzhen SDG Information and Yes Optoelectronics Co, you can compare the effects of market volatilities on Shenzhen SDG and Yes Optoelectronics 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 SDG with a short position of Yes Optoelectronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen SDG and Yes Optoelectronics.
Diversification Opportunities for Shenzhen SDG and Yes Optoelectronics
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shenzhen and Yes is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen SDG Information and Yes Optoelectronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yes Optoelectronics and Shenzhen SDG 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 SDG Information are associated (or correlated) with Yes Optoelectronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yes Optoelectronics has no effect on the direction of Shenzhen SDG i.e., Shenzhen SDG and Yes Optoelectronics go up and down completely randomly.
Pair Corralation between Shenzhen SDG and Yes Optoelectronics
Assuming the 90 days trading horizon Shenzhen SDG Information is expected to generate 0.6 times more return on investment than Yes Optoelectronics. However, Shenzhen SDG Information is 1.66 times less risky than Yes Optoelectronics. It trades about 0.12 of its potential returns per unit of risk. Yes Optoelectronics Co is currently generating about -0.4 per unit of risk. If you would invest 537.00 in Shenzhen SDG Information on November 4, 2024 and sell it today you would earn a total of 25.00 from holding Shenzhen SDG Information or generate 4.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen SDG Information vs. Yes Optoelectronics Co
Performance |
| Timeline |
| Shenzhen SDG Information |
| Yes Optoelectronics |
Shenzhen SDG and Yes Optoelectronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen SDG and Yes Optoelectronics
The main advantage of trading using opposite Shenzhen SDG and Yes Optoelectronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen SDG position performs unexpectedly, Yes Optoelectronics 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 Yes Optoelectronics will offset losses from the drop in Yes Optoelectronics' long position.| Shenzhen SDG vs. Ningbo Homelink Eco iTech | Shenzhen SDG vs. Fujian Nanwang Environment | Shenzhen SDG vs. AUPU Home Style | Shenzhen SDG vs. MayAir Technology Co |
| Yes Optoelectronics vs. Hefei Metalforming Mach | Yes Optoelectronics vs. Western Metal Materials | Yes Optoelectronics vs. Anhui Jinhe Industrial | Yes Optoelectronics vs. Ningbo Jintian Copper |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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