Correlation Between Sungrow Power and Maoming Petro
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By analyzing existing cross correlation between Sungrow Power Supply and Maoming Petro Chemical Shihua, you can compare the effects of market volatilities on Sungrow Power and Maoming Petro 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 Sungrow Power with a short position of Maoming Petro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sungrow Power and Maoming Petro.
Diversification Opportunities for Sungrow Power and Maoming Petro
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sungrow and Maoming is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Sungrow Power Supply and Maoming Petro Chemical Shihua in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maoming Petro Chemical and Sungrow Power 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 Sungrow Power Supply are associated (or correlated) with Maoming Petro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maoming Petro Chemical has no effect on the direction of Sungrow Power i.e., Sungrow Power and Maoming Petro go up and down completely randomly.
Pair Corralation between Sungrow Power and Maoming Petro
Assuming the 90 days trading horizon Sungrow Power Supply is expected to under-perform the Maoming Petro. But the stock apears to be less risky and, when comparing its historical volatility, Sungrow Power Supply is 1.01 times less risky than Maoming Petro. The stock trades about -0.11 of its potential returns per unit of risk. The Maoming Petro Chemical Shihua is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 365.00 in Maoming Petro Chemical Shihua on September 5, 2024 and sell it today you would earn a total of 48.00 from holding Maoming Petro Chemical Shihua or generate 13.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Sungrow Power Supply vs. Maoming Petro Chemical Shihua
Performance |
| Timeline |
| Sungrow Power Supply |
| Maoming Petro Chemical |
Sungrow Power and Maoming Petro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sungrow Power and Maoming Petro
The main advantage of trading using opposite Sungrow Power and Maoming Petro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sungrow Power position performs unexpectedly, Maoming Petro 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 Maoming Petro will offset losses from the drop in Maoming Petro's long position.| Sungrow Power vs. Guangzhou Jointas Chemical | Sungrow Power vs. Xilinmen Furniture Co | Sungrow Power vs. Jilin Chemical Fibre | Sungrow Power vs. HeBei Jinniu Chemical |
| Maoming Petro vs. Jinhui Mining Co | Maoming Petro vs. Bomesc Offshore Engineering | Maoming Petro vs. Metro Investment Development | Maoming Petro vs. Chenzhou Jingui Silver |
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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