Correlation Between Lens Technology and Guangdong Shenglu
Specify exactly 2 symbols:
By analyzing existing cross correlation between Lens Technology Co and Guangdong Shenglu Telecommunication, you can compare the effects of market volatilities on Lens Technology and Guangdong Shenglu 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 Lens Technology with a short position of Guangdong Shenglu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lens Technology and Guangdong Shenglu.
Diversification Opportunities for Lens Technology and Guangdong Shenglu
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Lens and Guangdong is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Lens Technology Co and Guangdong Shenglu Telecommunic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Shenglu and Lens Technology 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 Lens Technology Co are associated (or correlated) with Guangdong Shenglu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Shenglu has no effect on the direction of Lens Technology i.e., Lens Technology and Guangdong Shenglu go up and down completely randomly.
Pair Corralation between Lens Technology and Guangdong Shenglu
Assuming the 90 days trading horizon Lens Technology Co is expected to generate 0.95 times more return on investment than Guangdong Shenglu. However, Lens Technology Co is 1.05 times less risky than Guangdong Shenglu. It trades about 0.1 of its potential returns per unit of risk. Guangdong Shenglu Telecommunication is currently generating about -0.35 per unit of risk. If you would invest 2,199 in Lens Technology Co on October 15, 2024 and sell it today you would earn a total of 95.00 from holding Lens Technology Co or generate 4.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lens Technology Co vs. Guangdong Shenglu Telecommunic
Performance |
| Timeline |
| Lens Technology |
| Guangdong Shenglu |
Lens Technology and Guangdong Shenglu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lens Technology and Guangdong Shenglu
The main advantage of trading using opposite Lens Technology and Guangdong Shenglu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lens Technology position performs unexpectedly, Guangdong Shenglu 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 Guangdong Shenglu will offset losses from the drop in Guangdong Shenglu's long position.| Lens Technology vs. Healthcare Co | Lens Technology vs. Guangdong Shenglu Telecommunication | Lens Technology vs. China Reform Health | Lens Technology vs. Allwin Telecommunication Co |
| Guangdong Shenglu vs. Hubei Geoway Investment | Guangdong Shenglu vs. Cultural Investment Holdings | Guangdong Shenglu vs. Nuode Investment Co | Guangdong Shenglu vs. Vanfund Urban Investment |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |