Correlation Between Shenzhen Glory and Accelink Technologies
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By analyzing existing cross correlation between Shenzhen Glory Medical and Accelink Technologies Co, you can compare the effects of market volatilities on Shenzhen Glory and Accelink Technologies 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 Glory with a short position of Accelink Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Glory and Accelink Technologies.
Diversification Opportunities for Shenzhen Glory and Accelink Technologies
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shenzhen and Accelink is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Glory Medical and Accelink Technologies Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accelink Technologies and Shenzhen Glory 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 Glory Medical are associated (or correlated) with Accelink Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accelink Technologies has no effect on the direction of Shenzhen Glory i.e., Shenzhen Glory and Accelink Technologies go up and down completely randomly.
Pair Corralation between Shenzhen Glory and Accelink Technologies
Assuming the 90 days trading horizon Shenzhen Glory is expected to generate 24.73 times less return on investment than Accelink Technologies. But when comparing it to its historical volatility, Shenzhen Glory Medical is 1.2 times less risky than Accelink Technologies. It trades about 0.0 of its potential returns per unit of risk. Accelink Technologies Co is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 2,340 in Accelink Technologies Co on December 12, 2024 and sell it today you would earn a total of 2,761 from holding Accelink Technologies Co or generate 117.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Glory Medical vs. Accelink Technologies Co
Performance |
| Timeline |
| Shenzhen Glory Medical |
| Accelink Technologies |
Shenzhen Glory and Accelink Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Glory and Accelink Technologies
The main advantage of trading using opposite Shenzhen Glory and Accelink Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Glory position performs unexpectedly, Accelink Technologies 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 Accelink Technologies will offset losses from the drop in Accelink Technologies' long position.| Shenzhen Glory vs. Luyin Investment Group | ||
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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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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