Correlation Between Wuxi Xuelang and Shenzhen Inovance
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By analyzing existing cross correlation between Wuxi Xuelang Environmental and Shenzhen Inovance Tech, you can compare the effects of market volatilities on Wuxi Xuelang and Shenzhen Inovance 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 Wuxi Xuelang with a short position of Shenzhen Inovance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wuxi Xuelang and Shenzhen Inovance.
Diversification Opportunities for Wuxi Xuelang and Shenzhen Inovance
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Wuxi and Shenzhen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Wuxi Xuelang Environmental and Shenzhen Inovance Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Inovance Tech and Wuxi Xuelang 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 Wuxi Xuelang Environmental are associated (or correlated) with Shenzhen Inovance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Inovance Tech has no effect on the direction of Wuxi Xuelang i.e., Wuxi Xuelang and Shenzhen Inovance go up and down completely randomly.
Pair Corralation between Wuxi Xuelang and Shenzhen Inovance
If you would invest 5,576 in Shenzhen Inovance Tech on November 7, 2024 and sell it today you would earn a total of 443.00 from holding Shenzhen Inovance Tech or generate 7.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Wuxi Xuelang Environmental vs. Shenzhen Inovance Tech
Performance |
| Timeline |
| Wuxi Xuelang Environ |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Shenzhen Inovance Tech |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Wuxi Xuelang and Shenzhen Inovance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wuxi Xuelang and Shenzhen Inovance
The main advantage of trading using opposite Wuxi Xuelang and Shenzhen Inovance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wuxi Xuelang position performs unexpectedly, Shenzhen Inovance 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 Shenzhen Inovance will offset losses from the drop in Shenzhen Inovance's long position.| Wuxi Xuelang vs. Shanghai SK Automation | Wuxi Xuelang vs. Chongqing Mas SciTech | Wuxi Xuelang vs. Zhejiang Jiecang Linear | Wuxi Xuelang vs. Zhejiang Kaishan Compressor |
| Shenzhen Inovance vs. Shanghai SK Automation | Shenzhen Inovance vs. Chongqing Mas SciTech | Shenzhen Inovance vs. Zhejiang Jiecang Linear | Shenzhen Inovance vs. Zhejiang Kaishan Compressor |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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