Correlation Between Shannon Semiconductor and Anhui Huilong
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By analyzing existing cross correlation between Shannon Semiconductor Technology and Anhui Huilong Agricultural, you can compare the effects of market volatilities on Shannon Semiconductor and Anhui Huilong 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 Shannon Semiconductor with a short position of Anhui Huilong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shannon Semiconductor and Anhui Huilong.
Diversification Opportunities for Shannon Semiconductor and Anhui Huilong
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shannon and Anhui is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Shannon Semiconductor Technolo and Anhui Huilong Agricultural in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Huilong Agricu and Shannon Semiconductor 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 Shannon Semiconductor Technology are associated (or correlated) with Anhui Huilong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Huilong Agricu has no effect on the direction of Shannon Semiconductor i.e., Shannon Semiconductor and Anhui Huilong go up and down completely randomly.
Pair Corralation between Shannon Semiconductor and Anhui Huilong
Assuming the 90 days trading horizon Shannon Semiconductor Technology is expected to generate 1.47 times more return on investment than Anhui Huilong. However, Shannon Semiconductor is 1.47 times more volatile than Anhui Huilong Agricultural. It trades about -0.17 of its potential returns per unit of risk. Anhui Huilong Agricultural is currently generating about -0.51 per unit of risk. If you would invest 2,981 in Shannon Semiconductor Technology on October 12, 2024 and sell it today you would lose (268.00) from holding Shannon Semiconductor Technology or give up 8.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shannon Semiconductor Technolo vs. Anhui Huilong Agricultural
Performance |
| Timeline |
| Shannon Semiconductor |
| Anhui Huilong Agricu |
Shannon Semiconductor and Anhui Huilong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shannon Semiconductor and Anhui Huilong
The main advantage of trading using opposite Shannon Semiconductor and Anhui Huilong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shannon Semiconductor position performs unexpectedly, Anhui Huilong 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 Anhui Huilong will offset losses from the drop in Anhui Huilong's long position.| Shannon Semiconductor vs. JuneYao Dairy Co | Shannon Semiconductor vs. Tibet Huayu Mining | Shannon Semiconductor vs. Shenzhen Topway Video | Shannon Semiconductor vs. Shengda Mining Co |
| Anhui Huilong vs. Zijin Mining Group | Anhui Huilong vs. Wanhua Chemical Group | Anhui Huilong vs. Baoshan Iron Steel | Anhui Huilong vs. Shandong Gold Mining |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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