Correlation Between Soyea Technology and Sino Platinum
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By analyzing existing cross correlation between Soyea Technology Co and Sino Platinum Metals Co, you can compare the effects of market volatilities on Soyea Technology and Sino Platinum 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 Sino Platinum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Soyea Technology and Sino Platinum.
Diversification Opportunities for Soyea Technology and Sino Platinum
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Soyea and Sino is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Soyea Technology Co and Sino Platinum Metals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sino Platinum Metals 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 Sino Platinum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sino Platinum Metals has no effect on the direction of Soyea Technology i.e., Soyea Technology and Sino Platinum go up and down completely randomly.
Pair Corralation between Soyea Technology and Sino Platinum
If you would invest 1,286 in Sino Platinum Metals Co on October 18, 2024 and sell it today you would earn a total of 94.00 from holding Sino Platinum Metals Co or generate 7.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.42% |
| Values | Daily Returns |
Soyea Technology Co vs. Sino Platinum Metals Co
Performance |
| Timeline |
| Soyea Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| Sino Platinum Metals |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Weak
Soyea Technology and Sino Platinum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Soyea Technology and Sino Platinum
The main advantage of trading using opposite Soyea Technology and Sino Platinum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Soyea Technology position performs unexpectedly, Sino Platinum 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 Sino Platinum will offset losses from the drop in Sino Platinum's long position.| Soyea Technology vs. Anji Foodstuff Co | Soyea Technology vs. Xinjiang Tianrun Dairy | Soyea Technology vs. Jinsanjiang Silicon Material | Soyea Technology vs. NBTM New Materials |
| Sino Platinum vs. Bomesc Offshore Engineering | Sino Platinum vs. Guangzhou Restaurants Group | Sino Platinum vs. Hubei Yingtong Telecommunication | Sino Platinum vs. Guangzhou Haige Communications |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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