Correlation Between Elite Color and Shenzhen Aisidi
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By analyzing existing cross correlation between Elite Color Environmental and Shenzhen Aisidi Co, you can compare the effects of market volatilities on Elite Color and Shenzhen Aisidi 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 Elite Color with a short position of Shenzhen Aisidi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elite Color and Shenzhen Aisidi.
Diversification Opportunities for Elite Color and Shenzhen Aisidi
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Elite and Shenzhen is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Elite Color Environmental and Shenzhen Aisidi Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Aisidi and Elite Color 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 Elite Color Environmental are associated (or correlated) with Shenzhen Aisidi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Aisidi has no effect on the direction of Elite Color i.e., Elite Color and Shenzhen Aisidi go up and down completely randomly.
Pair Corralation between Elite Color and Shenzhen Aisidi
Assuming the 90 days trading horizon Elite Color Environmental is expected to generate 0.48 times more return on investment than Shenzhen Aisidi. However, Elite Color Environmental is 2.08 times less risky than Shenzhen Aisidi. It trades about 0.08 of its potential returns per unit of risk. Shenzhen Aisidi Co is currently generating about -0.02 per unit of risk. If you would invest 610.00 in Elite Color Environmental on October 22, 2024 and sell it today you would earn a total of 20.00 from holding Elite Color Environmental or generate 3.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Elite Color Environmental vs. Shenzhen Aisidi Co
Performance |
| Timeline |
| Elite Color Environmental |
| Shenzhen Aisidi |
Elite Color and Shenzhen Aisidi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elite Color and Shenzhen Aisidi
The main advantage of trading using opposite Elite Color and Shenzhen Aisidi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elite Color position performs unexpectedly, Shenzhen Aisidi 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 Shenzhen Aisidi will offset losses from the drop in Shenzhen Aisidi's long position.| Elite Color vs. Tianjin Ruixin Technology | Elite Color vs. Penyao Environmental Protection | Elite Color vs. Sinocat Environmental Technology | Elite Color vs. Dhc Software Co |
| Shenzhen Aisidi vs. Wuhan Hvsen Biotechnology | Shenzhen Aisidi vs. Jiaozuo Wanfang Aluminum | Shenzhen Aisidi vs. Guangdong Jingyi Metal | Shenzhen Aisidi vs. Western Metal Materials |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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