Correlation Between Goldlok Toys and Sinomach Automobile
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By analyzing existing cross correlation between Goldlok Toys Holdings and Sinomach Automobile Co, you can compare the effects of market volatilities on Goldlok Toys and Sinomach Automobile 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 Goldlok Toys with a short position of Sinomach Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goldlok Toys and Sinomach Automobile.
Diversification Opportunities for Goldlok Toys and Sinomach Automobile
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Goldlok and Sinomach is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Goldlok Toys Holdings and Sinomach Automobile Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinomach Automobile and Goldlok Toys 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 Goldlok Toys Holdings are associated (or correlated) with Sinomach Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinomach Automobile has no effect on the direction of Goldlok Toys i.e., Goldlok Toys and Sinomach Automobile go up and down completely randomly.
Pair Corralation between Goldlok Toys and Sinomach Automobile
Assuming the 90 days trading horizon Goldlok Toys Holdings is expected to generate 2.74 times more return on investment than Sinomach Automobile. However, Goldlok Toys is 2.74 times more volatile than Sinomach Automobile Co. It trades about 0.21 of its potential returns per unit of risk. Sinomach Automobile Co is currently generating about 0.0 per unit of risk. If you would invest 320.00 in Goldlok Toys Holdings on August 28, 2024 and sell it today you would earn a total of 85.00 from holding Goldlok Toys Holdings or generate 26.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Goldlok Toys Holdings vs. Sinomach Automobile Co
Performance |
| Timeline |
| Goldlok Toys Holdings |
| Sinomach Automobile |
Goldlok Toys and Sinomach Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goldlok Toys and Sinomach Automobile
The main advantage of trading using opposite Goldlok Toys and Sinomach Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goldlok Toys position performs unexpectedly, Sinomach Automobile 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 Sinomach Automobile will offset losses from the drop in Sinomach Automobile's long position.| Goldlok Toys vs. Shenzhen MYS Environmental | Goldlok Toys vs. AVIC Fund Management | Goldlok Toys vs. Shenzhen Bingchuan Network | Goldlok Toys vs. Penghua Shenzhen Energy |
| Sinomach Automobile vs. Citic Guoan Wine | Sinomach Automobile vs. Milkyway Chemical Supply | Sinomach Automobile vs. Easyhome New Retail | Sinomach Automobile vs. Sunny Loan Top |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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