Correlation Between Sinofibers Technology and Vanfund Urban
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sinofibers Technology Co and Vanfund Urban Investment, you can compare the effects of market volatilities on Sinofibers Technology and Vanfund Urban 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 Sinofibers Technology with a short position of Vanfund Urban. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sinofibers Technology and Vanfund Urban.
Diversification Opportunities for Sinofibers Technology and Vanfund Urban
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Sinofibers and Vanfund is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Sinofibers Technology Co and Vanfund Urban Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vanfund Urban Investment and Sinofibers Technology 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 Sinofibers Technology Co are associated (or correlated) with Vanfund Urban. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vanfund Urban Investment has no effect on the direction of Sinofibers Technology i.e., Sinofibers Technology and Vanfund Urban go up and down completely randomly.
Pair Corralation between Sinofibers Technology and Vanfund Urban
Assuming the 90 days trading horizon Sinofibers Technology Co is expected to under-perform the Vanfund Urban. In addition to that, Sinofibers Technology is 1.1 times more volatile than Vanfund Urban Investment. It trades about -0.08 of its total potential returns per unit of risk. Vanfund Urban Investment is currently generating about 0.12 per unit of volatility. If you would invest 484.00 in Vanfund Urban Investment on September 5, 2024 and sell it today you would earn a total of 89.00 from holding Vanfund Urban Investment or generate 18.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sinofibers Technology Co vs. Vanfund Urban Investment
Performance |
| Timeline |
| Sinofibers Technology |
| Vanfund Urban Investment |
Sinofibers Technology and Vanfund Urban Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sinofibers Technology and Vanfund Urban
The main advantage of trading using opposite Sinofibers Technology and Vanfund Urban positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sinofibers Technology position performs unexpectedly, Vanfund Urban 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 Vanfund Urban will offset losses from the drop in Vanfund Urban's long position.| Sinofibers Technology vs. Zijin Mining Group | Sinofibers Technology vs. Wanhua Chemical Group | Sinofibers Technology vs. Baoshan Iron Steel | Sinofibers Technology vs. Shandong Gold Mining |
| Vanfund Urban vs. China Petroleum Chemical | Vanfund Urban vs. PetroChina Co Ltd | Vanfund Urban vs. China State Construction | Vanfund Urban vs. China Railway Group |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |