Correlation Between Malion New and Smartgiant Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Malion New Materials and Smartgiant Technology Co, you can compare the effects of market volatilities on Malion New and Smartgiant Technology 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 Smartgiant Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Malion New and Smartgiant Technology.
Diversification Opportunities for Malion New and Smartgiant Technology
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Malion and Smartgiant is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Malion New Materials and Smartgiant Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Smartgiant Technology 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 Smartgiant Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Smartgiant Technology has no effect on the direction of Malion New i.e., Malion New and Smartgiant Technology go up and down completely randomly.
Pair Corralation between Malion New and Smartgiant Technology
Assuming the 90 days trading horizon Malion New Materials is expected to under-perform the Smartgiant Technology. But the stock apears to be less risky and, when comparing its historical volatility, Malion New Materials is 1.22 times less risky than Smartgiant Technology. The stock trades about -0.1 of its potential returns per unit of risk. The Smartgiant Technology Co is currently generating about -0.08 of returns per unit of risk over similar time horizon. If you would invest 4,160 in Smartgiant Technology Co on October 25, 2024 and sell it today you would lose (240.00) from holding Smartgiant Technology Co or give up 5.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Malion New Materials vs. Smartgiant Technology Co
Performance |
| Timeline |
| Malion New Materials |
| Smartgiant Technology |
Malion New and Smartgiant Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Malion New and Smartgiant Technology
The main advantage of trading using opposite Malion New and Smartgiant Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Malion New position performs unexpectedly, Smartgiant Technology 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 Smartgiant Technology will offset losses from the drop in Smartgiant Technology's long position.| Malion New vs. Zijin Mining Group | Malion New vs. Wanhua Chemical Group | Malion New vs. Baoshan Iron Steel | Malion New vs. Rongsheng Petrochemical Co |
| Smartgiant Technology vs. Kweichow Moutai Co | Smartgiant Technology vs. Contemporary Amperex Technology | Smartgiant Technology vs. Beijing Roborock Technology | Smartgiant Technology vs. BYD Co Ltd |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| CEOs Directory Screen CEOs from public companies around the world |