Correlation Between Shenyang Blue and Loctek Ergonomic
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By analyzing existing cross correlation between Shenyang Blue Silver and Loctek Ergonomic Technology, you can compare the effects of market volatilities on Shenyang Blue and Loctek Ergonomic 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 Shenyang Blue with a short position of Loctek Ergonomic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Blue and Loctek Ergonomic.
Diversification Opportunities for Shenyang Blue and Loctek Ergonomic
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shenyang and Loctek is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Blue Silver and Loctek Ergonomic Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Loctek Ergonomic Tec and Shenyang Blue 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 Shenyang Blue Silver are associated (or correlated) with Loctek Ergonomic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Loctek Ergonomic Tec has no effect on the direction of Shenyang Blue i.e., Shenyang Blue and Loctek Ergonomic go up and down completely randomly.
Pair Corralation between Shenyang Blue and Loctek Ergonomic
Assuming the 90 days trading horizon Shenyang Blue Silver is expected to under-perform the Loctek Ergonomic. In addition to that, Shenyang Blue is 1.28 times more volatile than Loctek Ergonomic Technology. It trades about -0.29 of its total potential returns per unit of risk. Loctek Ergonomic Technology is currently generating about -0.25 per unit of volatility. If you would invest 1,671 in Loctek Ergonomic Technology on October 16, 2024 and sell it today you would lose (180.00) from holding Loctek Ergonomic Technology or give up 10.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenyang Blue Silver vs. Loctek Ergonomic Technology
Performance |
| Timeline |
| Shenyang Blue Silver |
| Loctek Ergonomic Tec |
Shenyang Blue and Loctek Ergonomic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Blue and Loctek Ergonomic
The main advantage of trading using opposite Shenyang Blue and Loctek Ergonomic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Blue position performs unexpectedly, Loctek Ergonomic 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 Loctek Ergonomic will offset losses from the drop in Loctek Ergonomic's long position.| Shenyang Blue vs. Jiangxi Hengda Hi Tech | Shenyang Blue vs. Runjian Communication Co | Shenyang Blue vs. Guangzhou Haige Communications | Shenyang Blue vs. Shantui Construction Machinery |
| Loctek Ergonomic vs. Shenzhen Silver Basis | Loctek Ergonomic vs. JCHX Mining Management | Loctek Ergonomic vs. Zijin Mining Group | Loctek Ergonomic vs. Shenyang Blue 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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