Correlation Between Lander Sports and Sinomach General
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By analyzing existing cross correlation between Lander Sports Development and Sinomach General Machinery, you can compare the effects of market volatilities on Lander Sports and Sinomach General 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 Lander Sports with a short position of Sinomach General. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lander Sports and Sinomach General.
Diversification Opportunities for Lander Sports and Sinomach General
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Lander and Sinomach is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Lander Sports Development and Sinomach General Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinomach General Mac and Lander Sports 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 Lander Sports Development are associated (or correlated) with Sinomach General. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinomach General Mac has no effect on the direction of Lander Sports i.e., Lander Sports and Sinomach General go up and down completely randomly.
Pair Corralation between Lander Sports and Sinomach General
Assuming the 90 days trading horizon Lander Sports is expected to generate 23.66 times less return on investment than Sinomach General. But when comparing it to its historical volatility, Lander Sports Development is 1.1 times less risky than Sinomach General. It trades about 0.0 of its potential returns per unit of risk. Sinomach General Machinery is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 1,546 in Sinomach General Machinery on August 26, 2024 and sell it today you would earn a total of 60.00 from holding Sinomach General Machinery or generate 3.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lander Sports Development vs. Sinomach General Machinery
Performance |
| Timeline |
| Lander Sports Development |
| Sinomach General Mac |
Lander Sports and Sinomach General Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lander Sports and Sinomach General
The main advantage of trading using opposite Lander Sports and Sinomach General positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lander Sports position performs unexpectedly, Sinomach General 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 Sinomach General will offset losses from the drop in Sinomach General's long position.| Lander Sports vs. Shuhua Sports Co | Lander Sports vs. Zhongrun Resources Investment | Lander Sports vs. Guangdong Advertising Co | Lander Sports vs. Nuode Investment Co |
| Sinomach General vs. Agricultural Bank of | Sinomach General vs. Industrial and Commercial | Sinomach General vs. Bank of China | Sinomach General vs. China Construction Bank |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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