Correlation Between Soyea Technology and Jiangsu Seagull
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By analyzing existing cross correlation between Soyea Technology Co and Jiangsu Seagull Cooling, you can compare the effects of market volatilities on Soyea Technology and Jiangsu Seagull 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 Jiangsu Seagull. Check out your portfolio center. Please also check ongoing floating volatility patterns of Soyea Technology and Jiangsu Seagull.
Diversification Opportunities for Soyea Technology and Jiangsu Seagull
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Soyea and Jiangsu is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Soyea Technology Co and Jiangsu Seagull Cooling in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Seagull Cooling 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 Jiangsu Seagull. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Seagull Cooling has no effect on the direction of Soyea Technology i.e., Soyea Technology and Jiangsu Seagull go up and down completely randomly.
Pair Corralation between Soyea Technology and Jiangsu Seagull
Assuming the 90 days trading horizon Soyea Technology Co is expected to under-perform the Jiangsu Seagull. But the stock apears to be less risky and, when comparing its historical volatility, Soyea Technology Co is 2.37 times less risky than Jiangsu Seagull. The stock trades about -0.14 of its potential returns per unit of risk. The Jiangsu Seagull Cooling is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 1,069 in Jiangsu Seagull Cooling on October 29, 2024 and sell it today you would earn a total of 153.00 from holding Jiangsu Seagull Cooling or generate 14.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Soyea Technology Co vs. Jiangsu Seagull Cooling
Performance |
| Timeline |
| Soyea Technology |
| Jiangsu Seagull Cooling |
Soyea Technology and Jiangsu Seagull Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Soyea Technology and Jiangsu Seagull
The main advantage of trading using opposite Soyea Technology and Jiangsu Seagull positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Soyea Technology position performs unexpectedly, Jiangsu Seagull 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 Jiangsu Seagull will offset losses from the drop in Jiangsu Seagull's long position.| Soyea Technology vs. Malion New Materials | Soyea Technology vs. Guangzhou Automobile Group | Soyea Technology vs. CIMC Vehicles Co | Soyea Technology vs. Zhejiang Qianjiang Motorcycle |
| Jiangsu Seagull vs. China Asset Management | Jiangsu Seagull vs. Success Electronics | Jiangsu Seagull vs. Zhonghang Electronic Measuring | Jiangsu Seagull vs. TongFu Microelectronics 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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