Correlation Between Shaanxi Meineng and Lonkey Industrial
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By analyzing existing cross correlation between Shaanxi Meineng Clean and Lonkey Industrial Co, you can compare the effects of market volatilities on Shaanxi Meineng and Lonkey Industrial 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 Shaanxi Meineng with a short position of Lonkey Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shaanxi Meineng and Lonkey Industrial.
Diversification Opportunities for Shaanxi Meineng and Lonkey Industrial
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shaanxi and Lonkey is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Shaanxi Meineng Clean and Lonkey Industrial Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lonkey Industrial and Shaanxi Meineng 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 Shaanxi Meineng Clean are associated (or correlated) with Lonkey Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lonkey Industrial has no effect on the direction of Shaanxi Meineng i.e., Shaanxi Meineng and Lonkey Industrial go up and down completely randomly.
Pair Corralation between Shaanxi Meineng and Lonkey Industrial
Assuming the 90 days trading horizon Shaanxi Meineng Clean is expected to under-perform the Lonkey Industrial. In addition to that, Shaanxi Meineng is 1.26 times more volatile than Lonkey Industrial Co. It trades about 0.0 of its total potential returns per unit of risk. Lonkey Industrial Co is currently generating about 0.03 per unit of volatility. If you would invest 337.00 in Lonkey Industrial Co on September 14, 2024 and sell it today you would earn a total of 31.00 from holding Lonkey Industrial Co or generate 9.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shaanxi Meineng Clean vs. Lonkey Industrial Co
Performance |
| Timeline |
| Shaanxi Meineng Clean |
| Lonkey Industrial |
Shaanxi Meineng and Lonkey Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shaanxi Meineng and Lonkey Industrial
The main advantage of trading using opposite Shaanxi Meineng and Lonkey Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shaanxi Meineng position performs unexpectedly, Lonkey Industrial 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 Lonkey Industrial will offset losses from the drop in Lonkey Industrial's long position.| Shaanxi Meineng vs. Ming Yang Smart | Shaanxi Meineng vs. 159681 | Shaanxi Meineng vs. 159005 | Shaanxi Meineng vs. Loctek Ergonomic Technology |
| Lonkey Industrial vs. Ming Yang Smart | Lonkey Industrial vs. 159681 | Lonkey Industrial vs. 159005 | Lonkey Industrial vs. Loctek Ergonomic Technology |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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