Correlation Between Shenzhen Coship and Ingenic Semiconductor
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By analyzing existing cross correlation between Shenzhen Coship Electronics and Ingenic Semiconductor, you can compare the effects of market volatilities on Shenzhen Coship and Ingenic Semiconductor 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 Ingenic Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Coship and Ingenic Semiconductor.
Diversification Opportunities for Shenzhen Coship and Ingenic Semiconductor
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Shenzhen and Ingenic is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Coship Electronics and Ingenic Semiconductor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ingenic Semiconductor 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 Ingenic Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ingenic Semiconductor has no effect on the direction of Shenzhen Coship i.e., Shenzhen Coship and Ingenic Semiconductor go up and down completely randomly.
Pair Corralation between Shenzhen Coship and Ingenic Semiconductor
Assuming the 90 days trading horizon Shenzhen Coship Electronics is expected to generate 1.45 times more return on investment than Ingenic Semiconductor. However, Shenzhen Coship is 1.45 times more volatile than Ingenic Semiconductor. It trades about 0.02 of its potential returns per unit of risk. Ingenic Semiconductor is currently generating about -0.06 per unit of risk. If you would invest 581.00 in Shenzhen Coship Electronics on November 5, 2024 and sell it today you would lose (2.00) from holding Shenzhen Coship Electronics or give up 0.34% 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. Ingenic Semiconductor
Performance |
| Timeline |
| Shenzhen Coship Elec |
| Ingenic Semiconductor |
Shenzhen Coship and Ingenic Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Coship and Ingenic Semiconductor
The main advantage of trading using opposite Shenzhen Coship and Ingenic Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Coship position performs unexpectedly, Ingenic Semiconductor 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 Ingenic Semiconductor will offset losses from the drop in Ingenic Semiconductor's long position.| Shenzhen Coship vs. Xinxiang Chemical Fiber | Shenzhen Coship vs. Vohringer Home Technology | Shenzhen Coship vs. Ziel Home Furnishing | Shenzhen Coship vs. Shenyang Chemical Industry |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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