Correlation Between Qingdao Foods and Shannon Semiconductor
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By analyzing existing cross correlation between Qingdao Foods Co and Shannon Semiconductor Technology, you can compare the effects of market volatilities on Qingdao Foods 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 Qingdao Foods with a short position of Shannon Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qingdao Foods and Shannon Semiconductor.
Diversification Opportunities for Qingdao Foods and Shannon Semiconductor
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Qingdao and Shannon is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Qingdao Foods Co and Shannon Semiconductor Technolo in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shannon Semiconductor and Qingdao Foods 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 Qingdao Foods Co 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 Qingdao Foods i.e., Qingdao Foods and Shannon Semiconductor go up and down completely randomly.
Pair Corralation between Qingdao Foods and Shannon Semiconductor
Assuming the 90 days trading horizon Qingdao Foods Co is expected to generate 0.81 times more return on investment than Shannon Semiconductor. However, Qingdao Foods Co is 1.24 times less risky than Shannon Semiconductor. It trades about -0.03 of its potential returns per unit of risk. Shannon Semiconductor Technology is currently generating about -0.04 per unit of risk. If you would invest 1,377 in Qingdao Foods Co on October 24, 2024 and sell it today you would lose (22.00) from holding Qingdao Foods Co or give up 1.6% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qingdao Foods Co vs. Shannon Semiconductor Technolo
Performance |
| Timeline |
| Qingdao Foods |
| Shannon Semiconductor |
Qingdao Foods and Shannon Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qingdao Foods and Shannon Semiconductor
The main advantage of trading using opposite Qingdao Foods and Shannon Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qingdao Foods 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.| Qingdao Foods vs. Chongqing Sulian Plastic | Qingdao Foods vs. Hainan Airlines Co | Qingdao Foods vs. Ping An Insurance | Qingdao Foods vs. Guosheng Financial Holding |
| Shannon Semiconductor vs. Qingdao Foods Co | Shannon Semiconductor vs. Suzhou Weizhixiang Food | Shannon Semiconductor vs. Ligao Foods CoLtd | Shannon Semiconductor vs. Jiamei Food Packaging |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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