Correlation Between Digiwin Software and Shantou Wanshun
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By analyzing existing cross correlation between Digiwin Software Co and Shantou Wanshun Package, you can compare the effects of market volatilities on Digiwin Software and Shantou Wanshun 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 Digiwin Software with a short position of Shantou Wanshun. Check out your portfolio center. Please also check ongoing floating volatility patterns of Digiwin Software and Shantou Wanshun.
Diversification Opportunities for Digiwin Software and Shantou Wanshun
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Digiwin and Shantou is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Digiwin Software Co and Shantou Wanshun Package in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shantou Wanshun Package and Digiwin Software 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 Digiwin Software Co are associated (or correlated) with Shantou Wanshun. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shantou Wanshun Package has no effect on the direction of Digiwin Software i.e., Digiwin Software and Shantou Wanshun go up and down completely randomly.
Pair Corralation between Digiwin Software and Shantou Wanshun
Assuming the 90 days trading horizon Digiwin Software Co is expected to generate 1.33 times more return on investment than Shantou Wanshun. However, Digiwin Software is 1.33 times more volatile than Shantou Wanshun Package. It trades about 0.04 of its potential returns per unit of risk. Shantou Wanshun Package is currently generating about -0.04 per unit of risk. If you would invest 1,704 in Digiwin Software Co on October 13, 2024 and sell it today you would earn a total of 618.00 from holding Digiwin Software Co or generate 36.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Digiwin Software Co vs. Shantou Wanshun Package
Performance |
| Timeline |
| Digiwin Software |
| Shantou Wanshun Package |
Digiwin Software and Shantou Wanshun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Digiwin Software and Shantou Wanshun
The main advantage of trading using opposite Digiwin Software and Shantou Wanshun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Digiwin Software position performs unexpectedly, Shantou Wanshun 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 Shantou Wanshun will offset losses from the drop in Shantou Wanshun's long position.| Digiwin Software vs. East Money Information | Digiwin Software vs. CITIC Guoan Information | Digiwin Software vs. Shenzhen SDG Information | Digiwin Software vs. Gansu Huangtai Wine marketing |
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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