Correlation Between Chengdu Spaceon and Panda Financial
Specify exactly 2 symbols:
By analyzing existing cross correlation between Chengdu Spaceon Electronics and Panda Financial Holding, you can compare the effects of market volatilities on Chengdu Spaceon and Panda Financial 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 Chengdu Spaceon with a short position of Panda Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu Spaceon and Panda Financial.
Diversification Opportunities for Chengdu Spaceon and Panda Financial
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Chengdu and Panda is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu Spaceon Electronics and Panda Financial Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Panda Financial Holding and Chengdu Spaceon 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 Chengdu Spaceon Electronics are associated (or correlated) with Panda Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Panda Financial Holding has no effect on the direction of Chengdu Spaceon i.e., Chengdu Spaceon and Panda Financial go up and down completely randomly.
Pair Corralation between Chengdu Spaceon and Panda Financial
Assuming the 90 days trading horizon Chengdu Spaceon Electronics is expected to under-perform the Panda Financial. But the stock apears to be less risky and, when comparing its historical volatility, Chengdu Spaceon Electronics is 1.06 times less risky than Panda Financial. The stock trades about -0.11 of its potential returns per unit of risk. The Panda Financial Holding is currently generating about 0.29 of returns per unit of risk over similar time horizon. If you would invest 1,251 in Panda Financial Holding on September 1, 2024 and sell it today you would earn a total of 266.00 from holding Panda Financial Holding or generate 21.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengdu Spaceon Electronics vs. Panda Financial Holding
Performance |
| Timeline |
| Chengdu Spaceon Elec |
| Panda Financial Holding |
Chengdu Spaceon and Panda Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengdu Spaceon and Panda Financial
The main advantage of trading using opposite Chengdu Spaceon and Panda Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu Spaceon position performs unexpectedly, Panda Financial 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 Panda Financial will offset losses from the drop in Panda Financial's long position.| Chengdu Spaceon vs. Industrial and Commercial | Chengdu Spaceon vs. Kweichow Moutai Co | Chengdu Spaceon vs. Agricultural Bank of | Chengdu Spaceon vs. China Mobile Limited |
| Panda Financial vs. BeiGene | Panda Financial vs. Kweichow Moutai Co | Panda Financial vs. Beijing Roborock Technology | Panda Financial vs. G bits Network Technology |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| CEOs Directory Screen CEOs from public companies around the world |