Correlation Between Shanghai Yaoji and Techshine Electronics
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By analyzing existing cross correlation between Shanghai Yaoji Playing and Techshine Electronics Co, you can compare the effects of market volatilities on Shanghai Yaoji and Techshine Electronics 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 Techshine Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Yaoji and Techshine Electronics.
Diversification Opportunities for Shanghai Yaoji and Techshine Electronics
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shanghai and Techshine is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Yaoji Playing and Techshine Electronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Techshine Electronics 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 Techshine Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Techshine Electronics has no effect on the direction of Shanghai Yaoji i.e., Shanghai Yaoji and Techshine Electronics go up and down completely randomly.
Pair Corralation between Shanghai Yaoji and Techshine Electronics
Assuming the 90 days trading horizon Shanghai Yaoji Playing is expected to generate 0.99 times more return on investment than Techshine Electronics. However, Shanghai Yaoji Playing is 1.01 times less risky than Techshine Electronics. It trades about 0.05 of its potential returns per unit of risk. Techshine Electronics Co is currently generating about 0.02 per unit of risk. If you would invest 2,551 in Shanghai Yaoji Playing on September 12, 2024 and sell it today you would earn a total of 760.00 from holding Shanghai Yaoji Playing or generate 29.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Yaoji Playing vs. Techshine Electronics Co
Performance |
| Timeline |
| Shanghai Yaoji Playing |
| Techshine Electronics |
Shanghai Yaoji and Techshine Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Yaoji and Techshine Electronics
The main advantage of trading using opposite Shanghai Yaoji and Techshine Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Yaoji position performs unexpectedly, Techshine Electronics 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 Techshine Electronics will offset losses from the drop in Techshine Electronics' long position.| Shanghai Yaoji vs. China Satellite Communications | Shanghai Yaoji vs. By health | Shanghai Yaoji vs. Yunnan Jianzhijia Health Chain | Shanghai Yaoji vs. China World Trade |
| Techshine Electronics vs. Caihong Display Devices | Techshine Electronics vs. Chengdu Spaceon Electronics | Techshine Electronics vs. Chengtun Mining Group | Techshine Electronics vs. Shanghai Yaoji Playing |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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