Correlation Between Success Electronics and INKON Life
Specify exactly 2 symbols:
By analyzing existing cross correlation between Success Electronics and INKON Life Technology, you can compare the effects of market volatilities on Success Electronics and INKON Life 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 INKON Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of Success Electronics and INKON Life.
Diversification Opportunities for Success Electronics and INKON Life
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Success and INKON is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Success Electronics and INKON Life Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INKON Life Technology 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 INKON Life. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INKON Life Technology has no effect on the direction of Success Electronics i.e., Success Electronics and INKON Life go up and down completely randomly.
Pair Corralation between Success Electronics and INKON Life
Assuming the 90 days trading horizon Success Electronics is expected to generate 1.41 times more return on investment than INKON Life. However, Success Electronics is 1.41 times more volatile than INKON Life Technology. It trades about 0.06 of its potential returns per unit of risk. INKON Life Technology is currently generating about -0.09 per unit of risk. If you would invest 372.00 in Success Electronics on November 3, 2024 and sell it today you would earn a total of 10.00 from holding Success Electronics or generate 2.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Success Electronics vs. INKON Life Technology
Performance |
| Timeline |
| Success Electronics |
| INKON Life Technology |
Success Electronics and INKON Life Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Success Electronics and INKON Life
The main advantage of trading using opposite Success Electronics and INKON Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Success Electronics position performs unexpectedly, INKON Life 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 INKON Life will offset losses from the drop in INKON Life's long position.| Success Electronics vs. Hainan Haiqi Transportation | Success Electronics vs. Shenzhen Glory Medical | Success Electronics vs. Zhongshan Broad Ocean Motor | Success Electronics vs. Silkroad Visual Technology |
| INKON Life vs. Shandong Kuntai New | INKON Life vs. Beijing Lier High | INKON Life vs. Nanya New Material | INKON Life vs. Wuxi Double Elephant |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |