Correlation Between Shenzhen Coship and Giantec Semiconductor
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By analyzing existing cross correlation between Shenzhen Coship Electronics and Giantec Semiconductor Corp, you can compare the effects of market volatilities on Shenzhen Coship and Giantec 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 Giantec Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Coship and Giantec Semiconductor.
Diversification Opportunities for Shenzhen Coship and Giantec Semiconductor
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shenzhen and Giantec is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Coship Electronics and Giantec Semiconductor Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Giantec 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 Giantec Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Giantec Semiconductor has no effect on the direction of Shenzhen Coship i.e., Shenzhen Coship and Giantec Semiconductor go up and down completely randomly.
Pair Corralation between Shenzhen Coship and Giantec Semiconductor
Assuming the 90 days trading horizon Shenzhen Coship is expected to generate 18.02 times less return on investment than Giantec Semiconductor. But when comparing it to its historical volatility, Shenzhen Coship Electronics is 1.07 times less risky than Giantec Semiconductor. It trades about 0.01 of its potential returns per unit of risk. Giantec Semiconductor Corp is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 5,788 in Giantec Semiconductor Corp on October 11, 2024 and sell it today you would earn a total of 852.00 from holding Giantec Semiconductor Corp or generate 14.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Shenzhen Coship Electronics vs. Giantec Semiconductor Corp
Performance |
| Timeline |
| Shenzhen Coship Elec |
| Giantec Semiconductor |
Shenzhen Coship and Giantec Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Coship and Giantec Semiconductor
The main advantage of trading using opposite Shenzhen Coship and Giantec Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Coship position performs unexpectedly, Giantec 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 Giantec Semiconductor will offset losses from the drop in Giantec Semiconductor's long position.| Shenzhen Coship vs. Porton Fine Chemicals | Shenzhen Coship vs. Ingenic Semiconductor | Shenzhen Coship vs. Peoples Insurance of | Shenzhen Coship vs. Ping An Insurance |
| Giantec Semiconductor vs. Ligao Foods CoLtd | Giantec Semiconductor vs. Great Sun Foods Co | Giantec Semiconductor vs. Beijing Sanyuan Foods | Giantec Semiconductor vs. HeBei Jinniu Chemical |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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