Correlation Between Asymchem Laboratories and Guangdong Shenglu
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By analyzing existing cross correlation between Asymchem Laboratories Tian and Guangdong Shenglu Telecommunication, you can compare the effects of market volatilities on Asymchem Laboratories and Guangdong Shenglu 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 Asymchem Laboratories with a short position of Guangdong Shenglu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asymchem Laboratories and Guangdong Shenglu.
Diversification Opportunities for Asymchem Laboratories and Guangdong Shenglu
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Asymchem and Guangdong is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Asymchem Laboratories Tian and Guangdong Shenglu Telecommunic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Shenglu and Asymchem Laboratories 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 Asymchem Laboratories Tian are associated (or correlated) with Guangdong Shenglu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Shenglu has no effect on the direction of Asymchem Laboratories i.e., Asymchem Laboratories and Guangdong Shenglu go up and down completely randomly.
Pair Corralation between Asymchem Laboratories and Guangdong Shenglu
Assuming the 90 days trading horizon Asymchem Laboratories Tian is expected to under-perform the Guangdong Shenglu. But the stock apears to be less risky and, when comparing its historical volatility, Asymchem Laboratories Tian is 1.13 times less risky than Guangdong Shenglu. The stock trades about -0.02 of its potential returns per unit of risk. The Guangdong Shenglu Telecommunication is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 925.00 in Guangdong Shenglu Telecommunication on August 28, 2024 and sell it today you would lose (223.00) from holding Guangdong Shenglu Telecommunication or give up 24.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Asymchem Laboratories Tian vs. Guangdong Shenglu Telecommunic
Performance |
| Timeline |
| Asymchem Laboratories |
| Guangdong Shenglu |
Asymchem Laboratories and Guangdong Shenglu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Asymchem Laboratories and Guangdong Shenglu
The main advantage of trading using opposite Asymchem Laboratories and Guangdong Shenglu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asymchem Laboratories position performs unexpectedly, Guangdong Shenglu 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 Guangdong Shenglu will offset losses from the drop in Guangdong Shenglu's long position.| Asymchem Laboratories vs. Hubei Geoway Investment | Asymchem Laboratories vs. Qumei Furniture Group | Asymchem Laboratories vs. Vanfund Urban Investment | Asymchem Laboratories vs. Xiandai Investment Co |
| Guangdong Shenglu vs. Shenzhen MYS Environmental | Guangdong Shenglu vs. AVIC Fund Management | Guangdong Shenglu vs. Shenzhen Bingchuan Network | Guangdong Shenglu vs. Penghua Shenzhen Energy |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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