Correlation Between Zoje Resources and Sungrow Power
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By analyzing existing cross correlation between Zoje Resources Investment and Sungrow Power Supply, you can compare the effects of market volatilities on Zoje Resources and Sungrow Power 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 Zoje Resources with a short position of Sungrow Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zoje Resources and Sungrow Power.
Diversification Opportunities for Zoje Resources and Sungrow Power
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Zoje and Sungrow is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Zoje Resources Investment and Sungrow Power Supply in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sungrow Power Supply and Zoje Resources 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 Zoje Resources Investment are associated (or correlated) with Sungrow Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sungrow Power Supply has no effect on the direction of Zoje Resources i.e., Zoje Resources and Sungrow Power go up and down completely randomly.
Pair Corralation between Zoje Resources and Sungrow Power
Assuming the 90 days trading horizon Zoje Resources Investment is expected to generate 1.75 times more return on investment than Sungrow Power. However, Zoje Resources is 1.75 times more volatile than Sungrow Power Supply. It trades about 0.3 of its potential returns per unit of risk. Sungrow Power Supply is currently generating about -0.27 per unit of risk. If you would invest 254.00 in Zoje Resources Investment on September 15, 2024 and sell it today you would earn a total of 74.00 from holding Zoje Resources Investment or generate 29.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Zoje Resources Investment vs. Sungrow Power Supply
Performance |
| Timeline |
| Zoje Resources Investment |
| Sungrow Power Supply |
Zoje Resources and Sungrow Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zoje Resources and Sungrow Power
The main advantage of trading using opposite Zoje Resources and Sungrow Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zoje Resources position performs unexpectedly, Sungrow Power 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 Sungrow Power will offset losses from the drop in Sungrow Power's long position.| Zoje Resources vs. Chongqing Changan Automobile | Zoje Resources vs. Lotus Health Group | Zoje Resources vs. Ningbo Fangzheng Automobile | Zoje Resources vs. Healthcare Co |
| Sungrow Power vs. Zoje Resources Investment | Sungrow Power vs. Beijing Mainstreets Investment | Sungrow Power vs. Yili Chuanning Biotechnology | Sungrow Power vs. Hunan Investment Group |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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