Correlation Between Shenwu Energy and Haoxiangni Jujube
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By analyzing existing cross correlation between Shenwu Energy Saving and Haoxiangni Jujube Co, you can compare the effects of market volatilities on Shenwu Energy and Haoxiangni Jujube 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 Shenwu Energy with a short position of Haoxiangni Jujube. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenwu Energy and Haoxiangni Jujube.
Diversification Opportunities for Shenwu Energy and Haoxiangni Jujube
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shenwu and Haoxiangni is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Shenwu Energy Saving and Haoxiangni Jujube Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haoxiangni Jujube and Shenwu Energy 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 Shenwu Energy Saving are associated (or correlated) with Haoxiangni Jujube. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haoxiangni Jujube has no effect on the direction of Shenwu Energy i.e., Shenwu Energy and Haoxiangni Jujube go up and down completely randomly.
Pair Corralation between Shenwu Energy and Haoxiangni Jujube
Assuming the 90 days trading horizon Shenwu Energy is expected to generate 11.45 times less return on investment than Haoxiangni Jujube. But when comparing it to its historical volatility, Shenwu Energy Saving is 1.14 times less risky than Haoxiangni Jujube. It trades about 0.02 of its potential returns per unit of risk. Haoxiangni Jujube Co is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 816.00 in Haoxiangni Jujube Co on October 29, 2024 and sell it today you would earn a total of 220.00 from holding Haoxiangni Jujube Co or generate 26.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenwu Energy Saving vs. Haoxiangni Jujube Co
Performance |
| Timeline |
| Shenwu Energy Saving |
| Haoxiangni Jujube |
Shenwu Energy and Haoxiangni Jujube Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenwu Energy and Haoxiangni Jujube
The main advantage of trading using opposite Shenwu Energy and Haoxiangni Jujube positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenwu Energy position performs unexpectedly, Haoxiangni Jujube 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 Haoxiangni Jujube will offset losses from the drop in Haoxiangni Jujube's long position.| Shenwu Energy vs. CareRay Digital Medical | Shenwu Energy vs. Emdoor Information Co | Shenwu Energy vs. Kontour Medical Technology | Shenwu Energy vs. Touchstone International Medical |
| Haoxiangni Jujube vs. Glodon Software Co | Haoxiangni Jujube vs. Hangzhou Pinming Software | Haoxiangni Jujube vs. Heren Health Co | Haoxiangni Jujube vs. Humanwell Healthcare Group |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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