Correlation Between Shenzhen Coship and Tianshui Huatian
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By analyzing existing cross correlation between Shenzhen Coship Electronics and Tianshui Huatian Technology, you can compare the effects of market volatilities on Shenzhen Coship and Tianshui Huatian 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 Tianshui Huatian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Coship and Tianshui Huatian.
Diversification Opportunities for Shenzhen Coship and Tianshui Huatian
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Shenzhen and Tianshui is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Coship Electronics and Tianshui Huatian Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianshui Huatian Tec 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 Tianshui Huatian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianshui Huatian Tec has no effect on the direction of Shenzhen Coship i.e., Shenzhen Coship and Tianshui Huatian go up and down completely randomly.
Pair Corralation between Shenzhen Coship and Tianshui Huatian
Assuming the 90 days trading horizon Shenzhen Coship Electronics is expected to generate 1.19 times more return on investment than Tianshui Huatian. However, Shenzhen Coship is 1.19 times more volatile than Tianshui Huatian Technology. It trades about -0.05 of its potential returns per unit of risk. Tianshui Huatian Technology is currently generating about -0.11 per unit of risk. If you would invest 636.00 in Shenzhen Coship Electronics on October 29, 2024 and sell it today you would lose (27.00) from holding Shenzhen Coship Electronics or give up 4.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Coship Electronics vs. Tianshui Huatian Technology
Performance |
| Timeline |
| Shenzhen Coship Elec |
| Tianshui Huatian Tec |
Shenzhen Coship and Tianshui Huatian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Coship and Tianshui Huatian
The main advantage of trading using opposite Shenzhen Coship and Tianshui Huatian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Coship position performs unexpectedly, Tianshui Huatian 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 Tianshui Huatian will offset losses from the drop in Tianshui Huatian's long position.| Shenzhen Coship vs. Hubeiyichang Transportation Group | Shenzhen Coship vs. Shuhua Sports Co | Shenzhen Coship vs. Chengdu Xinzhu RoadBridge | Shenzhen Coship vs. Silkroad Visual Technology |
| Tianshui Huatian vs. Easyhome New Retail | Tianshui Huatian vs. Innovative Medical Management | Tianshui Huatian vs. Chengdu Spaceon Electronics | Tianshui Huatian vs. Dhc Software Co |
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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