Correlation Between Success Electronics and Shenzhen Glory
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By analyzing existing cross correlation between Success Electronics and Shenzhen Glory Medical, you can compare the effects of market volatilities on Success Electronics and Shenzhen Glory 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 Success Electronics with a short position of Shenzhen Glory. Check out your portfolio center. Please also check ongoing floating volatility patterns of Success Electronics and Shenzhen Glory.
Diversification Opportunities for Success Electronics and Shenzhen Glory
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Success and Shenzhen is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Success Electronics and Shenzhen Glory Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Glory Medical and Success Electronics 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 Success Electronics are associated (or correlated) with Shenzhen Glory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Glory Medical has no effect on the direction of Success Electronics i.e., Success Electronics and Shenzhen Glory go up and down completely randomly.
Pair Corralation between Success Electronics and Shenzhen Glory
Assuming the 90 days trading horizon Success Electronics is expected to generate 1.02 times more return on investment than Shenzhen Glory. However, Success Electronics is 1.02 times more volatile than Shenzhen Glory Medical. It trades about -0.23 of its potential returns per unit of risk. Shenzhen Glory Medical is currently generating about -0.4 per unit of risk. If you would invest 422.00 in Success Electronics on October 12, 2024 and sell it today you would lose (61.00) from holding Success Electronics or give up 14.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Success Electronics vs. Shenzhen Glory Medical
Performance |
| Timeline |
| Success Electronics |
| Shenzhen Glory Medical |
Success Electronics and Shenzhen Glory Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Success Electronics and Shenzhen Glory
The main advantage of trading using opposite Success Electronics and Shenzhen Glory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Success Electronics position performs unexpectedly, Shenzhen Glory 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 Shenzhen Glory will offset losses from the drop in Shenzhen Glory's long position.| Success Electronics vs. Biwin Storage Technology | Success Electronics vs. PetroChina Co Ltd | Success Electronics vs. Industrial and Commercial | Success Electronics vs. China Construction Bank |
| Shenzhen Glory vs. Anhui Shiny Electronic | Shenzhen Glory vs. Aurora Optoelectronics Co | Shenzhen Glory vs. Semiconductor Manufacturing Electronics | Shenzhen Glory vs. Success Electronics |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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