Correlation Between Cloud Live and Shenzhen Coship
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By analyzing existing cross correlation between Cloud Live Technology and Shenzhen Coship Electronics, you can compare the effects of market volatilities on Cloud Live and Shenzhen Coship 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 Cloud Live with a short position of Shenzhen Coship. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cloud Live and Shenzhen Coship.
Diversification Opportunities for Cloud Live and Shenzhen Coship
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Cloud and Shenzhen is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Cloud Live Technology and Shenzhen Coship Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Coship Elec and Cloud Live 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 Cloud Live Technology are associated (or correlated) with Shenzhen Coship. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Coship Elec has no effect on the direction of Cloud Live i.e., Cloud Live and Shenzhen Coship go up and down completely randomly.
Pair Corralation between Cloud Live and Shenzhen Coship
Assuming the 90 days trading horizon Cloud Live Technology is expected to under-perform the Shenzhen Coship. In addition to that, Cloud Live is 1.11 times more volatile than Shenzhen Coship Electronics. It trades about -0.51 of its total potential returns per unit of risk. Shenzhen Coship Electronics is currently generating about 0.13 per unit of volatility. If you would invest 615.00 in Shenzhen Coship Electronics on October 14, 2024 and sell it today you would earn a total of 62.00 from holding Shenzhen Coship Electronics or generate 10.08% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Cloud Live Technology vs. Shenzhen Coship Electronics
Performance |
Timeline |
Cloud Live Technology |
Shenzhen Coship Elec |
Cloud Live and Shenzhen Coship Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Cloud Live and Shenzhen Coship
The main advantage of trading using opposite Cloud Live and Shenzhen Coship positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cloud Live position performs unexpectedly, Shenzhen Coship 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 Coship will offset losses from the drop in Shenzhen Coship's long position.Cloud Live vs. Holitech Technology Co | Cloud Live vs. Zotye Automobile Co | Cloud Live vs. Bus Online Co | Cloud Live vs. Cultural Investment Holdings |
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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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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