Correlation Between Shenyang Huitian and Marssenger Kitchenware
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By analyzing existing cross correlation between Shenyang Huitian Thermal and Marssenger Kitchenware Co, you can compare the effects of market volatilities on Shenyang Huitian and Marssenger Kitchenware 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 Marssenger Kitchenware. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Huitian and Marssenger Kitchenware.
Diversification Opportunities for Shenyang Huitian and Marssenger Kitchenware
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shenyang and Marssenger is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Huitian Thermal and Marssenger Kitchenware Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marssenger Kitchenware 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 Marssenger Kitchenware. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marssenger Kitchenware has no effect on the direction of Shenyang Huitian i.e., Shenyang Huitian and Marssenger Kitchenware go up and down completely randomly.
Pair Corralation between Shenyang Huitian and Marssenger Kitchenware
Assuming the 90 days trading horizon Shenyang Huitian Thermal is expected to generate 0.83 times more return on investment than Marssenger Kitchenware. However, Shenyang Huitian Thermal is 1.21 times less risky than Marssenger Kitchenware. It trades about 0.01 of its potential returns per unit of risk. Marssenger Kitchenware Co is currently generating about -0.04 per unit of risk. If you would invest 329.00 in Shenyang Huitian Thermal on October 16, 2024 and sell it today you would lose (8.00) from holding Shenyang Huitian Thermal or give up 2.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Shenyang Huitian Thermal vs. Marssenger Kitchenware Co
Performance |
| Timeline |
| Shenyang Huitian Thermal |
| Marssenger Kitchenware |
Shenyang Huitian and Marssenger Kitchenware Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Huitian and Marssenger Kitchenware
The main advantage of trading using opposite Shenyang Huitian and Marssenger Kitchenware positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Huitian position performs unexpectedly, Marssenger Kitchenware 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 Marssenger Kitchenware will offset losses from the drop in Marssenger Kitchenware's long position.| Shenyang Huitian vs. Xiangyang Automobile Bearing | Shenyang Huitian vs. Anhui Huilong Agricultural | Shenyang Huitian vs. Long Yuan Construction | Shenyang Huitian vs. Masterwork Machinery |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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