Correlation Between Loctek Ergonomic and Soyea Technology
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By analyzing existing cross correlation between Loctek Ergonomic Technology and Soyea Technology Co, you can compare the effects of market volatilities on Loctek Ergonomic and Soyea 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 Loctek Ergonomic with a short position of Soyea Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Loctek Ergonomic and Soyea Technology.
Diversification Opportunities for Loctek Ergonomic and Soyea Technology
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Loctek and Soyea is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Loctek Ergonomic Technology and Soyea Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Soyea Technology and Loctek Ergonomic 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 Loctek Ergonomic Technology are associated (or correlated) with Soyea Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Soyea Technology has no effect on the direction of Loctek Ergonomic i.e., Loctek Ergonomic and Soyea Technology go up and down completely randomly.
Pair Corralation between Loctek Ergonomic and Soyea Technology
Assuming the 90 days trading horizon Loctek Ergonomic Technology is expected to generate 0.83 times more return on investment than Soyea Technology. However, Loctek Ergonomic Technology is 1.2 times less risky than Soyea Technology. It trades about 0.11 of its potential returns per unit of risk. Soyea Technology Co is currently generating about -0.02 per unit of risk. If you would invest 1,504 in Loctek Ergonomic Technology on November 4, 2024 and sell it today you would earn a total of 58.00 from holding Loctek Ergonomic Technology or generate 3.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Loctek Ergonomic Technology vs. Soyea Technology Co
Performance |
| Timeline |
| Loctek Ergonomic Tec |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Soyea Technology |
Loctek Ergonomic and Soyea Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Loctek Ergonomic and Soyea Technology
The main advantage of trading using opposite Loctek Ergonomic and Soyea Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Loctek Ergonomic position performs unexpectedly, Soyea 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 Soyea Technology will offset losses from the drop in Soyea Technology's long position.| Loctek Ergonomic vs. Dr Peng Telecom | Loctek Ergonomic vs. Shenyang Chemical Industry | Loctek Ergonomic vs. Tianjin Hi Tech Development | Loctek Ergonomic vs. Liuzhou Chemical Industry |
| Soyea Technology vs. HUAQIN TECHNOLOGY LTD | Soyea Technology vs. Cabio Biotech Wuhan | Soyea Technology vs. Sinofibers Technology Co | Soyea Technology vs. Hainan Mining 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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