Correlation Between Shenyang Huitian and East Money
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By analyzing existing cross correlation between Shenyang Huitian Thermal and East Money Information, you can compare the effects of market volatilities on Shenyang Huitian and East Money 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 Shenyang Huitian with a short position of East Money. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Huitian and East Money.
Diversification Opportunities for Shenyang Huitian and East Money
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenyang and East is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Huitian Thermal and East Money Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on East Money Information and Shenyang Huitian 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 Shenyang Huitian Thermal are associated (or correlated) with East Money. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of East Money Information has no effect on the direction of Shenyang Huitian i.e., Shenyang Huitian and East Money go up and down completely randomly.
Pair Corralation between Shenyang Huitian and East Money
Assuming the 90 days trading horizon Shenyang Huitian Thermal is expected to under-perform the East Money. But the stock apears to be less risky and, when comparing its historical volatility, Shenyang Huitian Thermal is 1.41 times less risky than East Money. The stock trades about -0.05 of its potential returns per unit of risk. The East Money Information is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 2,835 in East Money Information on September 13, 2024 and sell it today you would lose (70.00) from holding East Money Information or give up 2.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenyang Huitian Thermal vs. East Money Information
Performance |
| Timeline |
| Shenyang Huitian Thermal |
| East Money Information |
Shenyang Huitian and East Money Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Huitian and East Money
The main advantage of trading using opposite Shenyang Huitian and East Money positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Huitian position performs unexpectedly, East Money 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 East Money will offset losses from the drop in East Money's long position.| Shenyang Huitian vs. Zhangjiagang Freetrade Science | Shenyang Huitian vs. Citic Guoan Wine | Shenyang Huitian vs. YiDong Electronics Technology | Shenyang Huitian vs. Success Electronics |
| East Money vs. Kweichow Moutai Co | East Money vs. Shenzhen Mindray Bio Medical | East Money vs. G bits Network Technology | East Money vs. Beijing Roborock 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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