Correlation Between Do-Fluoride Chemicals and Sungrow Power
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By analyzing existing cross correlation between Do Fluoride Chemicals Co and Sungrow Power Supply, you can compare the effects of market volatilities on Do-Fluoride Chemicals and Sungrow Power 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 Chemicals with a short position of Sungrow Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of Do-Fluoride Chemicals and Sungrow Power.
Diversification Opportunities for Do-Fluoride Chemicals and Sungrow Power
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Do-Fluoride and Sungrow is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Do Fluoride Chemicals Co and Sungrow Power Supply in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sungrow Power Supply and Do-Fluoride Chemicals 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 Sungrow Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sungrow Power Supply has no effect on the direction of Do-Fluoride Chemicals i.e., Do-Fluoride Chemicals and Sungrow Power go up and down completely randomly.
Pair Corralation between Do-Fluoride Chemicals and Sungrow Power
Assuming the 90 days trading horizon Do Fluoride Chemicals Co is expected to generate 1.36 times more return on investment than Sungrow Power. However, Do-Fluoride Chemicals is 1.36 times more volatile than Sungrow Power Supply. It trades about 0.13 of its potential returns per unit of risk. Sungrow Power Supply is currently generating about -0.17 per unit of risk. If you would invest 1,215 in Do Fluoride Chemicals Co on September 1, 2024 and sell it today you would earn a total of 110.00 from holding Do Fluoride Chemicals Co or generate 9.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Do Fluoride Chemicals Co vs. Sungrow Power Supply
Performance |
| Timeline |
| Do Fluoride Chemicals |
| Sungrow Power Supply |
Do-Fluoride Chemicals and Sungrow Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Do-Fluoride Chemicals and Sungrow Power
The main advantage of trading using opposite Do-Fluoride Chemicals and Sungrow Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Do-Fluoride Chemicals position performs unexpectedly, Sungrow Power 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 Sungrow Power will offset losses from the drop in Sungrow Power's long position.| Do-Fluoride Chemicals vs. Zijin Mining Group | Do-Fluoride Chemicals vs. Wanhua Chemical Group | Do-Fluoride Chemicals vs. Baoshan Iron Steel | Do-Fluoride Chemicals vs. Shandong Gold Mining |
| Sungrow Power vs. Do Fluoride Chemicals Co | Sungrow Power vs. Hubei Huaqiang High Tech | Sungrow Power vs. Holitech Technology Co | Sungrow Power vs. Kangping Technology Co |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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