Correlation Between China Securities and Shannon Semiconductor
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By analyzing existing cross correlation between China Securities 800 and Shannon Semiconductor Technology, you can compare the effects of market volatilities on China Securities and Shannon Semiconductor 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 China Securities with a short position of Shannon Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Securities and Shannon Semiconductor.
Diversification Opportunities for China Securities and Shannon Semiconductor
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between China and Shannon is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding China Securities 800 and Shannon Semiconductor Technolo in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shannon Semiconductor and China Securities 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 China Securities 800 are associated (or correlated) with Shannon Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shannon Semiconductor has no effect on the direction of China Securities i.e., China Securities and Shannon Semiconductor go up and down completely randomly.
Pair Corralation between China Securities and Shannon Semiconductor
Assuming the 90 days trading horizon China Securities 800 is expected to generate 0.43 times more return on investment than Shannon Semiconductor. However, China Securities 800 is 2.31 times less risky than Shannon Semiconductor. It trades about -0.29 of its potential returns per unit of risk. Shannon Semiconductor Technology is currently generating about -0.17 per unit of risk. If you would invest 432,984 in China Securities 800 on October 12, 2024 and sell it today you would lose (27,815) from holding China Securities 800 or give up 6.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Securities 800 vs. Shannon Semiconductor Technolo
Performance |
| Timeline |
China Securities and Shannon Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
China Securities 800
Pair trading matchups for China Securities
Shannon Semiconductor Technology
Pair trading matchups for Shannon Semiconductor
Pair Trading with China Securities and Shannon Semiconductor
The main advantage of trading using opposite China Securities and Shannon Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Securities position performs unexpectedly, Shannon Semiconductor 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 Shannon Semiconductor will offset losses from the drop in Shannon Semiconductor's long position.| China Securities vs. Puya Semiconductor Shanghai | China Securities vs. Shanghai Shuixing Home | China Securities vs. Ningbo Homelink Eco iTech | China Securities vs. Shanghai V Test Semiconductor |
| Shannon Semiconductor vs. JuneYao Dairy Co | Shannon Semiconductor vs. Tibet Huayu Mining | Shannon Semiconductor vs. Shenzhen Topway Video | Shannon Semiconductor vs. Shengda Mining Co |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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