Correlation Between Do Fluoride and Soyea Technology
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By analyzing existing cross correlation between Do Fluoride Chemicals Co and Soyea Technology Co, you can compare the effects of market volatilities on Do Fluoride and Soyea Technology 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 Do Fluoride with a short position of Soyea Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Do Fluoride and Soyea Technology.
Diversification Opportunities for Do Fluoride and Soyea Technology
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 002407 and Soyea is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Do Fluoride Chemicals Co and Soyea Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Soyea Technology and Do Fluoride 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 Do Fluoride Chemicals Co are associated (or correlated) with Soyea Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Soyea Technology has no effect on the direction of Do Fluoride i.e., Do Fluoride and Soyea Technology go up and down completely randomly.
Pair Corralation between Do Fluoride and Soyea Technology
Assuming the 90 days trading horizon Do Fluoride Chemicals Co is expected to under-perform the Soyea Technology. But the stock apears to be less risky and, when comparing its historical volatility, Do Fluoride Chemicals Co is 1.06 times less risky than Soyea Technology. The stock trades about -0.05 of its potential returns per unit of risk. The Soyea Technology Co is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 920.00 in Soyea Technology Co on October 29, 2024 and sell it today you would lose (414.00) from holding Soyea Technology Co or give up 45.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Do Fluoride Chemicals Co vs. Soyea Technology Co
Performance |
| Timeline |
| Do Fluoride Chemicals |
| Soyea Technology |
Do Fluoride and Soyea Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Do Fluoride and Soyea Technology
The main advantage of trading using opposite Do Fluoride and Soyea Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Do Fluoride position performs unexpectedly, Soyea Technology 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 Soyea Technology will offset losses from the drop in Soyea Technology's long position.| Do Fluoride vs. Zijin Mining Group | Do Fluoride vs. Wanhua Chemical Group | Do Fluoride vs. Baoshan Iron Steel | Do Fluoride vs. Shandong Gold Mining |
| Soyea Technology vs. Malion New Materials | Soyea Technology vs. Guangzhou Automobile Group | Soyea Technology vs. CIMC Vehicles Co | Soyea Technology vs. Zhejiang Qianjiang Motorcycle |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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