Correlation Between Success Electronics and Shenzhen Changfang
Specify exactly 2 symbols:
By analyzing existing cross correlation between Success Electronics and Shenzhen Changfang Light, you can compare the effects of market volatilities on Success Electronics and Shenzhen Changfang 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 Changfang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Success Electronics and Shenzhen Changfang.
Diversification Opportunities for Success Electronics and Shenzhen Changfang
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Success and Shenzhen is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Success Electronics and Shenzhen Changfang Light in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Changfang Light 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 Changfang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Changfang Light has no effect on the direction of Success Electronics i.e., Success Electronics and Shenzhen Changfang go up and down completely randomly.
Pair Corralation between Success Electronics and Shenzhen Changfang
Assuming the 90 days trading horizon Success Electronics is expected to generate 9.57 times less return on investment than Shenzhen Changfang. In addition to that, Success Electronics is 1.13 times more volatile than Shenzhen Changfang Light. It trades about 0.02 of its total potential returns per unit of risk. Shenzhen Changfang Light is currently generating about 0.25 per unit of volatility. If you would invest 168.00 in Shenzhen Changfang Light on October 23, 2024 and sell it today you would earn a total of 25.00 from holding Shenzhen Changfang Light or generate 14.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Success Electronics vs. Shenzhen Changfang Light
Performance |
| Timeline |
| Success Electronics |
| Shenzhen Changfang Light |
Success Electronics and Shenzhen Changfang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Success Electronics and Shenzhen Changfang
The main advantage of trading using opposite Success Electronics and Shenzhen Changfang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Success Electronics position performs unexpectedly, Shenzhen Changfang 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 Changfang will offset losses from the drop in Shenzhen Changfang's long position.| Success Electronics vs. Sublime China Information | Success Electronics vs. Fujian Anjoy Foods | Success Electronics vs. Muyuan Foodstuff Co | Success Electronics vs. Kingclean Electric Co |
| Shenzhen Changfang vs. Cabio Biotech Wuhan | Shenzhen Changfang vs. De Rucci Healthy | Shenzhen Changfang vs. Anhui Huaren Health | Shenzhen Changfang vs. Jiujiang Shanshui Technology |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |