Correlation Between Thunder Software and Shenzhen Bioeasy
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By analyzing existing cross correlation between Thunder Software Technology and Shenzhen Bioeasy Biotechnology, you can compare the effects of market volatilities on Thunder Software and Shenzhen Bioeasy 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 Thunder Software with a short position of Shenzhen Bioeasy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thunder Software and Shenzhen Bioeasy.
Diversification Opportunities for Thunder Software and Shenzhen Bioeasy
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Thunder and Shenzhen is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Thunder Software Technology and Shenzhen Bioeasy Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Bioeasy Bio and Thunder Software 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 Thunder Software Technology are associated (or correlated) with Shenzhen Bioeasy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Bioeasy Bio has no effect on the direction of Thunder Software i.e., Thunder Software and Shenzhen Bioeasy go up and down completely randomly.
Pair Corralation between Thunder Software and Shenzhen Bioeasy
Assuming the 90 days trading horizon Thunder Software Technology is expected to generate 0.99 times more return on investment than Shenzhen Bioeasy. However, Thunder Software Technology is 1.01 times less risky than Shenzhen Bioeasy. It trades about -0.01 of its potential returns per unit of risk. Shenzhen Bioeasy Biotechnology is currently generating about -0.02 per unit of risk. If you would invest 10,119 in Thunder Software Technology on October 30, 2024 and sell it today you would lose (3,905) from holding Thunder Software Technology or give up 38.59% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Thunder Software Technology vs. Shenzhen Bioeasy Biotechnology
Performance |
Timeline |
Thunder Software Tec |
Shenzhen Bioeasy Bio |
Thunder Software and Shenzhen Bioeasy Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Thunder Software and Shenzhen Bioeasy
The main advantage of trading using opposite Thunder Software and Shenzhen Bioeasy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thunder Software position performs unexpectedly, Shenzhen Bioeasy 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 Bioeasy will offset losses from the drop in Shenzhen Bioeasy's long position.Thunder Software vs. Zhongzhu Medical Holdings | Thunder Software vs. China Building Material | Thunder Software vs. Guangdong Transtek Medical | Thunder Software vs. CareRay Digital Medical |
Shenzhen Bioeasy vs. Anyang Iron Steel | Shenzhen Bioeasy vs. Qingdao Foods Co | Shenzhen Bioeasy vs. New Hope Dairy | Shenzhen Bioeasy vs. Anji Foodstuff Co |
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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