Correlation Between Shenzhen MYS and Fujian Oriental
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By analyzing existing cross correlation between Shenzhen MYS Environmental and Fujian Oriental Silver, you can compare the effects of market volatilities on Shenzhen MYS and Fujian Oriental 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 MYS with a short position of Fujian Oriental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and Fujian Oriental.
Diversification Opportunities for Shenzhen MYS and Fujian Oriental
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Shenzhen and Fujian is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental and Fujian Oriental Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Oriental Silver and Shenzhen MYS 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 MYS Environmental are associated (or correlated) with Fujian Oriental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Oriental Silver has no effect on the direction of Shenzhen MYS i.e., Shenzhen MYS and Fujian Oriental go up and down completely randomly.
Pair Corralation between Shenzhen MYS and Fujian Oriental
Assuming the 90 days trading horizon Shenzhen MYS Environmental is expected to generate 0.96 times more return on investment than Fujian Oriental. However, Shenzhen MYS Environmental is 1.04 times less risky than Fujian Oriental. It trades about -0.38 of its potential returns per unit of risk. Fujian Oriental Silver is currently generating about -0.44 per unit of risk. If you would invest 400.00 in Shenzhen MYS Environmental on October 15, 2024 and sell it today you would lose (85.00) from holding Shenzhen MYS Environmental or give up 21.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen MYS Environmental vs. Fujian Oriental Silver
Performance |
| Timeline |
| Shenzhen MYS Environ |
| Fujian Oriental Silver |
Shenzhen MYS and Fujian Oriental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MYS and Fujian Oriental
The main advantage of trading using opposite Shenzhen MYS and Fujian Oriental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS position performs unexpectedly, Fujian Oriental 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 Fujian Oriental will offset losses from the drop in Fujian Oriental's long position.| Shenzhen MYS vs. Songz Automobile Air | Shenzhen MYS vs. Gansu Jiu Steel | Shenzhen MYS vs. Haima Automobile Group | Shenzhen MYS vs. Telling Telecommunication Holding |
| Fujian Oriental vs. Nexchip Semiconductor Corp | Fujian Oriental vs. Jiangsu Phoenix Publishing | Fujian Oriental vs. Shanghai V Test Semiconductor | Fujian Oriental vs. Southchip Semiconductor 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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