Correlation Between Shenzhen Noposion and Thinkon Semiconductor
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By analyzing existing cross correlation between Shenzhen Noposion Agrochemicals and Thinkon Semiconductor Jinzhou, you can compare the effects of market volatilities on Shenzhen Noposion and Thinkon 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 Noposion with a short position of Thinkon Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Noposion and Thinkon Semiconductor.
Diversification Opportunities for Shenzhen Noposion and Thinkon Semiconductor
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Shenzhen and Thinkon is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Noposion Agrochemical and Thinkon Semiconductor Jinzhou in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkon Semiconductor and Shenzhen Noposion 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 Noposion Agrochemicals are associated (or correlated) with Thinkon Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkon Semiconductor has no effect on the direction of Shenzhen Noposion i.e., Shenzhen Noposion and Thinkon Semiconductor go up and down completely randomly.
Pair Corralation between Shenzhen Noposion and Thinkon Semiconductor
Assuming the 90 days trading horizon Shenzhen Noposion is expected to generate 1.66 times less return on investment than Thinkon Semiconductor. But when comparing it to its historical volatility, Shenzhen Noposion Agrochemicals is 1.56 times less risky than Thinkon Semiconductor. It trades about 0.14 of its potential returns per unit of risk. Thinkon Semiconductor Jinzhou is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 1,390 in Thinkon Semiconductor Jinzhou on October 18, 2024 and sell it today you would earn a total of 878.00 from holding Thinkon Semiconductor Jinzhou or generate 63.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Noposion Agrochemical vs. Thinkon Semiconductor Jinzhou
Performance |
| Timeline |
| Shenzhen Noposion |
| Thinkon Semiconductor |
Shenzhen Noposion and Thinkon Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Noposion and Thinkon Semiconductor
The main advantage of trading using opposite Shenzhen Noposion and Thinkon Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Noposion position performs unexpectedly, Thinkon 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 Thinkon Semiconductor will offset losses from the drop in Thinkon Semiconductor's long position.| Shenzhen Noposion vs. Fibocom Wireless | Shenzhen Noposion vs. Jointo Energy Investment | Shenzhen Noposion vs. Eastern Communications Co | Shenzhen Noposion vs. Hubei Geoway Investment |
| Thinkon Semiconductor vs. Shenzhen Noposion Agrochemicals | Thinkon Semiconductor vs. Miracll Chemicals Co | Thinkon Semiconductor vs. Shaanxi Meineng Clean | Thinkon Semiconductor vs. Dymatic Chemicals |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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