Correlation Between Malion New and Hoshine Silicon
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By analyzing existing cross correlation between Malion New Materials and Hoshine Silicon Ind, you can compare the effects of market volatilities on Malion New and Hoshine Silicon 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 Malion New with a short position of Hoshine Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Malion New and Hoshine Silicon.
Diversification Opportunities for Malion New and Hoshine Silicon
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Malion and Hoshine is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Malion New Materials and Hoshine Silicon Ind in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hoshine Silicon Ind and Malion New 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 Malion New Materials are associated (or correlated) with Hoshine Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hoshine Silicon Ind has no effect on the direction of Malion New i.e., Malion New and Hoshine Silicon go up and down completely randomly.
Pair Corralation between Malion New and Hoshine Silicon
Assuming the 90 days trading horizon Malion New Materials is expected to generate 3.18 times more return on investment than Hoshine Silicon. However, Malion New is 3.18 times more volatile than Hoshine Silicon Ind. It trades about 0.19 of its potential returns per unit of risk. Hoshine Silicon Ind is currently generating about 0.01 per unit of risk. If you would invest 815.00 in Malion New Materials on September 1, 2024 and sell it today you would earn a total of 189.00 from holding Malion New Materials or generate 23.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Malion New Materials vs. Hoshine Silicon Ind
Performance |
| Timeline |
| Malion New Materials |
| Hoshine Silicon Ind |
Malion New and Hoshine Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Malion New and Hoshine Silicon
The main advantage of trading using opposite Malion New and Hoshine Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Malion New position performs unexpectedly, Hoshine Silicon 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 Hoshine Silicon will offset losses from the drop in Hoshine Silicon's long position.| Malion New vs. Leaguer Shenzhen MicroElectronics | Malion New vs. StarPower Semiconductor | Malion New vs. Integrated Electronic Systems | Malion New vs. Epoxy Base Electronic |
| Hoshine Silicon vs. Shenzhen Bioeasy Biotechnology | Hoshine Silicon vs. Suofeiya Home Collection | Hoshine Silicon vs. Xiamen Goldenhome Co | Hoshine Silicon vs. Shandong Polymer Biochemicals |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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