Correlation Between Soyea Technology and Changchun High
Specify exactly 2 symbols:
By analyzing existing cross correlation between Soyea Technology Co and Changchun High New, you can compare the effects of market volatilities on Soyea Technology and Changchun High 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 Soyea Technology with a short position of Changchun High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Soyea Technology and Changchun High.
Diversification Opportunities for Soyea Technology and Changchun High
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Soyea and Changchun is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Soyea Technology Co and Changchun High New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun High New and Soyea Technology 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 Soyea Technology Co are associated (or correlated) with Changchun High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun High New has no effect on the direction of Soyea Technology i.e., Soyea Technology and Changchun High go up and down completely randomly.
Pair Corralation between Soyea Technology and Changchun High
Assuming the 90 days trading horizon Soyea Technology Co is expected to generate 1.2 times more return on investment than Changchun High. However, Soyea Technology is 1.2 times more volatile than Changchun High New. It trades about -0.04 of its potential returns per unit of risk. Changchun High New is currently generating about -0.06 per unit of risk. If you would invest 995.00 in Soyea Technology Co on October 16, 2024 and sell it today you would lose (508.00) from holding Soyea Technology Co or give up 51.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Soyea Technology Co vs. Changchun High New
Performance |
| Timeline |
| Soyea Technology |
| Changchun High New |
Soyea Technology and Changchun High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Soyea Technology and Changchun High
The main advantage of trading using opposite Soyea Technology and Changchun High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Soyea Technology position performs unexpectedly, Changchun High 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 Changchun High will offset losses from the drop in Changchun High's long position.| Soyea Technology vs. Ningxia Younglight Chemicals | Soyea Technology vs. Xinya Electronic Co | Soyea Technology vs. Xinxiang Chemical Fiber | Soyea Technology vs. Maoming Petro Chemical Shihua |
| Changchun High vs. Maxvision Technology Corp | Changchun High vs. Kingsignal Technology Co | Changchun High vs. Bangyan Technology Co | Changchun High vs. Soyea Technology 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |