Correlation Between Shenzhen Hifuture and Goldlok Toys
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By analyzing existing cross correlation between Shenzhen Hifuture Electric and Goldlok Toys Holdings, you can compare the effects of market volatilities on Shenzhen Hifuture and Goldlok Toys 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 Hifuture with a short position of Goldlok Toys. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Hifuture and Goldlok Toys.
Diversification Opportunities for Shenzhen Hifuture and Goldlok Toys
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shenzhen and Goldlok is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Hifuture Electric and Goldlok Toys Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goldlok Toys Holdings and Shenzhen Hifuture 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 Hifuture Electric are associated (or correlated) with Goldlok Toys. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goldlok Toys Holdings has no effect on the direction of Shenzhen Hifuture i.e., Shenzhen Hifuture and Goldlok Toys go up and down completely randomly.
Pair Corralation between Shenzhen Hifuture and Goldlok Toys
Assuming the 90 days trading horizon Shenzhen Hifuture Electric is expected to under-perform the Goldlok Toys. But the stock apears to be less risky and, when comparing its historical volatility, Shenzhen Hifuture Electric is 3.53 times less risky than Goldlok Toys. The stock trades about -0.08 of its potential returns per unit of risk. The Goldlok Toys Holdings is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 326.00 in Goldlok Toys Holdings on December 1, 2024 and sell it today you would earn a total of 52.00 from holding Goldlok Toys Holdings or generate 15.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Hifuture Electric vs. Goldlok Toys Holdings
Performance |
| Timeline |
| Shenzhen Hifuture |
| Goldlok Toys Holdings |
Shenzhen Hifuture and Goldlok Toys Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Hifuture and Goldlok Toys
The main advantage of trading using opposite Shenzhen Hifuture and Goldlok Toys positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Hifuture position performs unexpectedly, Goldlok Toys 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 Goldlok Toys will offset losses from the drop in Goldlok Toys' long position.| Shenzhen Hifuture vs. China Publishing Media | Shenzhen Hifuture vs. HaiXin Foods Co | Shenzhen Hifuture vs. Beijing Kaiwen Education | Shenzhen Hifuture vs. Zhejiang Publishing Media |
| Goldlok Toys vs. Winner Information Technology | Goldlok Toys vs. Nsfocus Information Technology | Goldlok Toys vs. Qijing Machinery | Goldlok Toys vs. Westone Information 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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