Correlation Between Shannon Semiconductor and Jiangsu Zhongtian
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shannon Semiconductor Technology and Jiangsu Zhongtian Technology, you can compare the effects of market volatilities on Shannon Semiconductor and Jiangsu Zhongtian 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 Jiangsu Zhongtian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shannon Semiconductor and Jiangsu Zhongtian.
Diversification Opportunities for Shannon Semiconductor and Jiangsu Zhongtian
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shannon and Jiangsu is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Shannon Semiconductor Technolo and Jiangsu Zhongtian Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Zhongtian 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 Jiangsu Zhongtian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Zhongtian has no effect on the direction of Shannon Semiconductor i.e., Shannon Semiconductor and Jiangsu Zhongtian go up and down completely randomly.
Pair Corralation between Shannon Semiconductor and Jiangsu Zhongtian
Assuming the 90 days trading horizon Shannon Semiconductor Technology is expected to generate 1.76 times more return on investment than Jiangsu Zhongtian. However, Shannon Semiconductor is 1.76 times more volatile than Jiangsu Zhongtian Technology. It trades about 0.04 of its potential returns per unit of risk. Jiangsu Zhongtian Technology is currently generating about 0.0 per unit of risk. If you would invest 1,767 in Shannon Semiconductor Technology on October 13, 2024 and sell it today you would earn a total of 858.00 from holding Shannon Semiconductor Technology or generate 48.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shannon Semiconductor Technolo vs. Jiangsu Zhongtian Technology
Performance |
| Timeline |
| Shannon Semiconductor |
| Jiangsu Zhongtian |
Shannon Semiconductor and Jiangsu Zhongtian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shannon Semiconductor and Jiangsu Zhongtian
The main advantage of trading using opposite Shannon Semiconductor and Jiangsu Zhongtian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shannon Semiconductor position performs unexpectedly, Jiangsu Zhongtian 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 Jiangsu Zhongtian will offset losses from the drop in Jiangsu Zhongtian's long position.| Shannon Semiconductor vs. Jiangsu GDK Biotechnology | Shannon Semiconductor vs. Beijing Enlight Media | Shannon Semiconductor vs. Thinkingdom Media Group | Shannon Semiconductor vs. Shuhua Sports Co |
| Jiangsu Zhongtian vs. Shanghai Yaoji Playing | Jiangsu Zhongtian vs. Sinomach General Machinery | Jiangsu Zhongtian vs. Shannon Semiconductor Technology | Jiangsu Zhongtian vs. Shanghai V Test Semiconductor |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |