Correlation Between Shenzhen Coship and Shenyang Huitian
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shenzhen Coship Electronics and Shenyang Huitian Thermal, you can compare the effects of market volatilities on Shenzhen Coship and Shenyang Huitian 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 Shenzhen Coship with a short position of Shenyang Huitian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Coship and Shenyang Huitian.
Diversification Opportunities for Shenzhen Coship and Shenyang Huitian
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shenzhen and Shenyang is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Coship Electronics and Shenyang Huitian Thermal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenyang Huitian Thermal and Shenzhen Coship 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 Shenzhen Coship Electronics are associated (or correlated) with Shenyang Huitian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenyang Huitian Thermal has no effect on the direction of Shenzhen Coship i.e., Shenzhen Coship and Shenyang Huitian go up and down completely randomly.
Pair Corralation between Shenzhen Coship and Shenyang Huitian
Assuming the 90 days trading horizon Shenzhen Coship Electronics is expected to generate 1.16 times more return on investment than Shenyang Huitian. However, Shenzhen Coship is 1.16 times more volatile than Shenyang Huitian Thermal. It trades about 0.23 of its potential returns per unit of risk. Shenyang Huitian Thermal is currently generating about 0.06 per unit of risk. If you would invest 250.00 in Shenzhen Coship Electronics on November 2, 2024 and sell it today you would earn a total of 329.00 from holding Shenzhen Coship Electronics or generate 131.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Coship Electronics vs. Shenyang Huitian Thermal
Performance |
| Timeline |
| Shenzhen Coship Elec |
| Shenyang Huitian Thermal |
Shenzhen Coship and Shenyang Huitian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Coship and Shenyang Huitian
The main advantage of trading using opposite Shenzhen Coship and Shenyang Huitian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Coship position performs unexpectedly, Shenyang Huitian 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 Shenyang Huitian will offset losses from the drop in Shenyang Huitian's long position.| Shenzhen Coship vs. Bsm Chemical Co | Shenzhen Coship vs. Songz Automobile Air | Shenzhen Coship vs. Shenyang Chemical Industry | Shenzhen Coship vs. Sinomach Automobile Co |
| Shenyang Huitian vs. Rising Nonferrous Metals | Shenyang Huitian vs. Semiconductor Manufacturing Intl | Shenyang Huitian vs. Ye Chiu Metal | Shenyang Huitian vs. Aluminum Corp of |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |