Correlation Between SGSG Sciencetechnolog and Chengdu B-ray
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By analyzing existing cross correlation between SGSG Sciencetechnology Co and Chengdu B ray Media, you can compare the effects of market volatilities on SGSG Sciencetechnolog and Chengdu B-ray 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 SGSG Sciencetechnolog with a short position of Chengdu B-ray. Check out your portfolio center. Please also check ongoing floating volatility patterns of SGSG Sciencetechnolog and Chengdu B-ray.
Diversification Opportunities for SGSG Sciencetechnolog and Chengdu B-ray
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between SGSG and Chengdu is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding SGSG Sciencetechnology Co and Chengdu B ray Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu B ray and SGSG Sciencetechnolog 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 SGSG Sciencetechnology Co are associated (or correlated) with Chengdu B-ray. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu B ray has no effect on the direction of SGSG Sciencetechnolog i.e., SGSG Sciencetechnolog and Chengdu B-ray go up and down completely randomly.
Pair Corralation between SGSG Sciencetechnolog and Chengdu B-ray
If you would invest 379.00 in Chengdu B ray Media on November 3, 2024 and sell it today you would earn a total of 70.00 from holding Chengdu B ray Media or generate 18.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 0.43% |
| Values | Daily Returns |
SGSG Sciencetechnology Co vs. Chengdu B ray Media
Performance |
| Timeline |
| SGSG Sciencetechnology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| Chengdu B ray |
SGSG Sciencetechnolog and Chengdu B-ray Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SGSG Sciencetechnolog and Chengdu B-ray
The main advantage of trading using opposite SGSG Sciencetechnolog and Chengdu B-ray positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SGSG Sciencetechnolog position performs unexpectedly, Chengdu B-ray 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 Chengdu B-ray will offset losses from the drop in Chengdu B-ray's long position.The idea behind SGSG Sciencetechnology Co and Chengdu B ray Media pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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