Correlation Between Shenyang Huitian and TS Communications
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By analyzing existing cross correlation between Shenyang Huitian Thermal and TS Communications Co, you can compare the effects of market volatilities on Shenyang Huitian and TS Communications 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 TS Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Huitian and TS Communications.
Diversification Opportunities for Shenyang Huitian and TS Communications
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenyang and 300570 is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Huitian Thermal and TS Communications Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TS Communications 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 TS Communications. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TS Communications has no effect on the direction of Shenyang Huitian i.e., Shenyang Huitian and TS Communications go up and down completely randomly.
Pair Corralation between Shenyang Huitian and TS Communications
Assuming the 90 days trading horizon Shenyang Huitian Thermal is expected to generate 0.83 times more return on investment than TS Communications. However, Shenyang Huitian Thermal is 1.21 times less risky than TS Communications. It trades about 0.03 of its potential returns per unit of risk. TS Communications Co is currently generating about -0.09 per unit of risk. If you would invest 369.00 in Shenyang Huitian Thermal on August 31, 2024 and sell it today you would earn a total of 4.00 from holding Shenyang Huitian Thermal or generate 1.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenyang Huitian Thermal vs. TS Communications Co
Performance |
| Timeline |
| Shenyang Huitian Thermal |
| TS Communications |
Shenyang Huitian and TS Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Huitian and TS Communications
The main advantage of trading using opposite Shenyang Huitian and TS Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Huitian position performs unexpectedly, TS Communications 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 TS Communications will offset losses from the drop in TS Communications' long position.| Shenyang Huitian vs. Industrial and Commercial | Shenyang Huitian vs. Kweichow Moutai Co | Shenyang Huitian vs. Agricultural Bank of | Shenyang Huitian vs. China Mobile Limited |
| TS Communications vs. Kweichow Moutai Co | TS Communications vs. NAURA Technology Group | TS Communications vs. APT Medical | TS Communications vs. Contemporary Amperex 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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