Correlation Between Shenyang Huitian and Sany Heavy
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By analyzing existing cross correlation between Shenyang Huitian Thermal and Sany Heavy Energy, you can compare the effects of market volatilities on Shenyang Huitian and Sany Heavy 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 Sany Heavy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Huitian and Sany Heavy.
Diversification Opportunities for Shenyang Huitian and Sany Heavy
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shenyang and Sany is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Huitian Thermal and Sany Heavy Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sany Heavy Energy 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 Sany Heavy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sany Heavy Energy has no effect on the direction of Shenyang Huitian i.e., Shenyang Huitian and Sany Heavy go up and down completely randomly.
Pair Corralation between Shenyang Huitian and Sany Heavy
Assuming the 90 days trading horizon Shenyang Huitian is expected to generate 1.33 times less return on investment than Sany Heavy. In addition to that, Shenyang Huitian is 1.17 times more volatile than Sany Heavy Energy. It trades about 0.01 of its total potential returns per unit of risk. Sany Heavy Energy is currently generating about 0.02 per unit of volatility. If you would invest 2,950 in Sany Heavy Energy on September 3, 2024 and sell it today you would earn a total of 401.00 from holding Sany Heavy Energy or generate 13.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.79% |
| Values | Daily Returns |
Shenyang Huitian Thermal vs. Sany Heavy Energy
Performance |
| Timeline |
| Shenyang Huitian Thermal |
| Sany Heavy Energy |
Shenyang Huitian and Sany Heavy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Huitian and Sany Heavy
The main advantage of trading using opposite Shenyang Huitian and Sany Heavy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Huitian position performs unexpectedly, Sany Heavy 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 Sany Heavy will offset losses from the drop in Sany Heavy's long position.| Shenyang Huitian vs. Industrial and Commercial | Shenyang Huitian vs. Agricultural Bank of | Shenyang Huitian vs. China Construction Bank | Shenyang Huitian vs. Bank of China |
| Sany Heavy vs. Yindu Kitchen Equipment | Sany Heavy vs. Dalian Thermal Power | Sany Heavy vs. Shenyang Huitian Thermal | Sany Heavy vs. Beijing HuaYuanYiTong Thermal |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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