Correlation Between Digiwin Software and Epoxy Base
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By analyzing existing cross correlation between Digiwin Software Co and Epoxy Base Electronic, you can compare the effects of market volatilities on Digiwin Software and Epoxy Base 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 Epoxy Base. Check out your portfolio center. Please also check ongoing floating volatility patterns of Digiwin Software and Epoxy Base.
Diversification Opportunities for Digiwin Software and Epoxy Base
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Digiwin and Epoxy is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Digiwin Software Co and Epoxy Base Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Epoxy Base Electronic 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 Epoxy Base. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Epoxy Base Electronic has no effect on the direction of Digiwin Software i.e., Digiwin Software and Epoxy Base go up and down completely randomly.
Pair Corralation between Digiwin Software and Epoxy Base
Assuming the 90 days trading horizon Digiwin Software Co is expected to generate 1.58 times more return on investment than Epoxy Base. However, Digiwin Software is 1.58 times more volatile than Epoxy Base Electronic. It trades about 0.18 of its potential returns per unit of risk. Epoxy Base Electronic is currently generating about -0.04 per unit of risk. If you would invest 2,756 in Digiwin Software Co on October 30, 2024 and sell it today you would earn a total of 536.00 from holding Digiwin Software Co or generate 19.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Digiwin Software Co vs. Epoxy Base Electronic
Performance |
| Timeline |
| Digiwin Software |
| Epoxy Base Electronic |
Digiwin Software and Epoxy Base Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Digiwin Software and Epoxy Base
The main advantage of trading using opposite Digiwin Software and Epoxy Base positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Digiwin Software position performs unexpectedly, Epoxy Base 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 Epoxy Base will offset losses from the drop in Epoxy Base's long position.| Digiwin Software vs. China State Construction | Digiwin Software vs. Poly Real Estate | Digiwin Software vs. China Vanke Co | Digiwin Software vs. China Merchants Shekou |
| Epoxy Base vs. Shengda Mining Co | Epoxy Base vs. Chengtun Mining Group | Epoxy Base vs. Rising Nonferrous Metals | Epoxy Base vs. Hefei Metalforming Mach |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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