Correlation Between Tieling Newcity and Sany Heavy
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By analyzing existing cross correlation between Tieling Newcity Investment and Sany Heavy Industry, you can compare the effects of market volatilities on Tieling Newcity 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 Tieling Newcity with a short position of Sany Heavy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tieling Newcity and Sany Heavy.
Diversification Opportunities for Tieling Newcity and Sany Heavy
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Tieling and Sany is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Tieling Newcity Investment and Sany Heavy Industry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sany Heavy Industry and Tieling Newcity 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 Tieling Newcity Investment 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 Industry has no effect on the direction of Tieling Newcity i.e., Tieling Newcity and Sany Heavy go up and down completely randomly.
Pair Corralation between Tieling Newcity and Sany Heavy
Assuming the 90 days trading horizon Tieling Newcity is expected to generate 14.88 times less return on investment than Sany Heavy. In addition to that, Tieling Newcity is 1.48 times more volatile than Sany Heavy Industry. It trades about 0.0 of its total potential returns per unit of risk. Sany Heavy Industry is currently generating about 0.01 per unit of volatility. If you would invest 1,637 in Sany Heavy Industry on September 5, 2024 and sell it today you would earn a total of 72.00 from holding Sany Heavy Industry or generate 4.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Tieling Newcity Investment vs. Sany Heavy Industry
Performance |
| Timeline |
| Tieling Newcity Inve |
| Sany Heavy Industry |
Tieling Newcity and Sany Heavy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tieling Newcity and Sany Heavy
The main advantage of trading using opposite Tieling Newcity and Sany Heavy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tieling Newcity 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.| Tieling Newcity vs. Cambricon Technologies Corp | Tieling Newcity vs. Loongson Technology Corp | Tieling Newcity vs. Shenzhen Fortune Trend | Tieling Newcity vs. Chongqing Road Bridge |
| Sany Heavy vs. Zoje Resources Investment | Sany Heavy vs. Jointo Energy Investment | Sany Heavy vs. Jiugui Liquor Co | Sany Heavy vs. Tieling Newcity Investment |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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