Correlation Between HanS Laser and Saurer Intelligent
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By analyzing existing cross correlation between HanS Laser Tech and Saurer Intelligent Technology, you can compare the effects of market volatilities on HanS Laser and Saurer Intelligent 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 HanS Laser with a short position of Saurer Intelligent. Check out your portfolio center. Please also check ongoing floating volatility patterns of HanS Laser and Saurer Intelligent.
Diversification Opportunities for HanS Laser and Saurer Intelligent
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between HanS and Saurer is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding HanS Laser Tech and Saurer Intelligent Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Saurer Intelligent and HanS Laser 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 HanS Laser Tech are associated (or correlated) with Saurer Intelligent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Saurer Intelligent has no effect on the direction of HanS Laser i.e., HanS Laser and Saurer Intelligent go up and down completely randomly.
Pair Corralation between HanS Laser and Saurer Intelligent
Assuming the 90 days trading horizon HanS Laser Tech is expected to under-perform the Saurer Intelligent. But the stock apears to be less risky and, when comparing its historical volatility, HanS Laser Tech is 1.64 times less risky than Saurer Intelligent. The stock trades about -0.08 of its potential returns per unit of risk. The Saurer Intelligent Technology is currently generating about 0.39 of returns per unit of risk over similar time horizon. If you would invest 219.00 in Saurer Intelligent Technology on September 12, 2024 and sell it today you would earn a total of 112.00 from holding Saurer Intelligent Technology or generate 51.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
HanS Laser Tech vs. Saurer Intelligent Technology
Performance |
| Timeline |
| HanS Laser Tech |
| Saurer Intelligent |
HanS Laser and Saurer Intelligent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HanS Laser and Saurer Intelligent
The main advantage of trading using opposite HanS Laser and Saurer Intelligent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HanS Laser position performs unexpectedly, Saurer Intelligent 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 Saurer Intelligent will offset losses from the drop in Saurer Intelligent's long position.| HanS Laser vs. Agricultural Bank of | HanS Laser vs. Industrial and Commercial | HanS Laser vs. Bank of China | HanS Laser vs. PetroChina Co Ltd |
| Saurer Intelligent vs. Agricultural Bank of | Saurer Intelligent vs. Industrial and Commercial | Saurer Intelligent vs. Bank of China | Saurer Intelligent vs. PetroChina Co Ltd |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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