Correlation Between Sungrow Power and East Money
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By analyzing existing cross correlation between Sungrow Power Supply and East Money Information, you can compare the effects of market volatilities on Sungrow Power and East Money 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 East Money. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sungrow Power and East Money.
Diversification Opportunities for Sungrow Power and East Money
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sungrow and East is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Sungrow Power Supply and East Money Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on East Money Information 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 East Money. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of East Money Information has no effect on the direction of Sungrow Power i.e., Sungrow Power and East Money go up and down completely randomly.
Pair Corralation between Sungrow Power and East Money
Assuming the 90 days trading horizon Sungrow Power Supply is expected to generate 0.75 times more return on investment than East Money. However, Sungrow Power Supply is 1.33 times less risky than East Money. It trades about -0.18 of its potential returns per unit of risk. East Money Information is currently generating about -0.35 per unit of risk. If you would invest 7,647 in Sungrow Power Supply on October 14, 2024 and sell it today you would lose (532.00) from holding Sungrow Power Supply or give up 6.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sungrow Power Supply vs. East Money Information
Performance |
| Timeline |
| Sungrow Power Supply |
| East Money Information |
Sungrow Power and East Money Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sungrow Power and East Money
The main advantage of trading using opposite Sungrow Power and East Money positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sungrow Power position performs unexpectedly, East Money 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 East Money will offset losses from the drop in East Money's long position.| Sungrow Power vs. Jinhe Biotechnology Co | Sungrow Power vs. Changchun UP Optotech | Sungrow Power vs. Eyebright Medical Technology | Sungrow Power vs. Linewell Software Co |
| East Money vs. Semiconductor Manufacturing Intl | East Money vs. Sungrow Power Supply | East Money vs. Anhui Conch Cement | East Money vs. Shenzhen New Nanshan |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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