Correlation Between Shijiazhuang Tonhe and Dongxing Sec
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By analyzing existing cross correlation between Shijiazhuang Tonhe Electronics and Dongxing Sec Co, you can compare the effects of market volatilities on Shijiazhuang Tonhe and Dongxing Sec 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 Shijiazhuang Tonhe with a short position of Dongxing Sec. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shijiazhuang Tonhe and Dongxing Sec.
Diversification Opportunities for Shijiazhuang Tonhe and Dongxing Sec
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shijiazhuang and Dongxing is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Shijiazhuang Tonhe Electronics and Dongxing Sec Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dongxing Sec and Shijiazhuang Tonhe 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 Shijiazhuang Tonhe Electronics are associated (or correlated) with Dongxing Sec. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dongxing Sec has no effect on the direction of Shijiazhuang Tonhe i.e., Shijiazhuang Tonhe and Dongxing Sec go up and down completely randomly.
Pair Corralation between Shijiazhuang Tonhe and Dongxing Sec
Assuming the 90 days trading horizon Shijiazhuang Tonhe Electronics is expected to generate 1.92 times more return on investment than Dongxing Sec. However, Shijiazhuang Tonhe is 1.92 times more volatile than Dongxing Sec Co. It trades about -0.01 of its potential returns per unit of risk. Dongxing Sec Co is currently generating about -0.2 per unit of risk. If you would invest 1,666 in Shijiazhuang Tonhe Electronics on October 11, 2024 and sell it today you would lose (61.00) from holding Shijiazhuang Tonhe Electronics or give up 3.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shijiazhuang Tonhe Electronics vs. Dongxing Sec Co
Performance |
| Timeline |
| Shijiazhuang Tonhe |
| Dongxing Sec |
Shijiazhuang Tonhe and Dongxing Sec Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shijiazhuang Tonhe and Dongxing Sec
The main advantage of trading using opposite Shijiazhuang Tonhe and Dongxing Sec positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shijiazhuang Tonhe position performs unexpectedly, Dongxing Sec 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 Dongxing Sec will offset losses from the drop in Dongxing Sec's long position.| Shijiazhuang Tonhe vs. Zhongfu Information | Shijiazhuang Tonhe vs. Bonree Data Technology | Shijiazhuang Tonhe vs. Kuangda Technology Group | Shijiazhuang Tonhe vs. Eyebright Medical Technology |
| Dongxing Sec vs. Shijiazhuang Tonhe Electronics | Dongxing Sec vs. Financial Street Holdings | Dongxing Sec vs. Agricultural Bank of | Dongxing Sec vs. Beijing YanDong MicroElectronic |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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