Correlation Between Shanghai Yaoji and Loctek Ergonomic
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By analyzing existing cross correlation between Shanghai Yaoji Playing and Loctek Ergonomic Technology, you can compare the effects of market volatilities on Shanghai Yaoji and Loctek Ergonomic 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 Shanghai Yaoji with a short position of Loctek Ergonomic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Yaoji and Loctek Ergonomic.
Diversification Opportunities for Shanghai Yaoji and Loctek Ergonomic
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shanghai and Loctek is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Yaoji Playing and Loctek Ergonomic Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Loctek Ergonomic Tec and Shanghai Yaoji 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 Shanghai Yaoji Playing are associated (or correlated) with Loctek Ergonomic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Loctek Ergonomic Tec has no effect on the direction of Shanghai Yaoji i.e., Shanghai Yaoji and Loctek Ergonomic go up and down completely randomly.
Pair Corralation between Shanghai Yaoji and Loctek Ergonomic
Assuming the 90 days trading horizon Shanghai Yaoji Playing is expected to generate 1.43 times more return on investment than Loctek Ergonomic. However, Shanghai Yaoji is 1.43 times more volatile than Loctek Ergonomic Technology. It trades about 0.11 of its potential returns per unit of risk. Loctek Ergonomic Technology is currently generating about 0.05 per unit of risk. If you would invest 1,711 in Shanghai Yaoji Playing on October 25, 2024 and sell it today you would earn a total of 929.00 from holding Shanghai Yaoji Playing or generate 54.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Yaoji Playing vs. Loctek Ergonomic Technology
Performance |
| Timeline |
| Shanghai Yaoji Playing |
| Loctek Ergonomic Tec |
Shanghai Yaoji and Loctek Ergonomic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Yaoji and Loctek Ergonomic
The main advantage of trading using opposite Shanghai Yaoji and Loctek Ergonomic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Yaoji position performs unexpectedly, Loctek Ergonomic 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 Loctek Ergonomic will offset losses from the drop in Loctek Ergonomic's long position.| Shanghai Yaoji vs. PetroChina Co Ltd | Shanghai Yaoji vs. Gansu Jiu Steel | Shanghai Yaoji vs. Ming Yang Smart | Shanghai Yaoji vs. Aba Chemicals Corp |
| Loctek Ergonomic vs. Shanghai Rongtai Health | Loctek Ergonomic vs. Humanwell Healthcare Group | Loctek Ergonomic vs. Yunnan Jianzhijia Health Chain | Loctek Ergonomic vs. Impulse Qingdao Health |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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