Correlation Between Sinofibers Technology and GUOMAI Culture
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By analyzing existing cross correlation between Sinofibers Technology Co and GUOMAI Culture Media, you can compare the effects of market volatilities on Sinofibers Technology and GUOMAI Culture 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 GUOMAI Culture. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sinofibers Technology and GUOMAI Culture.
Diversification Opportunities for Sinofibers Technology and GUOMAI Culture
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Sinofibers and GUOMAI is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Sinofibers Technology Co and GUOMAI Culture Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GUOMAI Culture Media 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 GUOMAI Culture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GUOMAI Culture Media has no effect on the direction of Sinofibers Technology i.e., Sinofibers Technology and GUOMAI Culture go up and down completely randomly.
Pair Corralation between Sinofibers Technology and GUOMAI Culture
Assuming the 90 days trading horizon Sinofibers Technology Co is expected to generate 0.67 times more return on investment than GUOMAI Culture. However, Sinofibers Technology Co is 1.49 times less risky than GUOMAI Culture. It trades about -0.05 of its potential returns per unit of risk. GUOMAI Culture Media is currently generating about -0.35 per unit of risk. If you would invest 2,762 in Sinofibers Technology Co on October 12, 2024 and sell it today you would lose (82.00) from holding Sinofibers Technology Co or give up 2.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sinofibers Technology Co vs. GUOMAI Culture Media
Performance |
| Timeline |
| Sinofibers Technology |
| GUOMAI Culture Media |
Sinofibers Technology and GUOMAI Culture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sinofibers Technology and GUOMAI Culture
The main advantage of trading using opposite Sinofibers Technology and GUOMAI Culture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sinofibers Technology position performs unexpectedly, GUOMAI Culture 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 GUOMAI Culture will offset losses from the drop in GUOMAI Culture's long position.| Sinofibers Technology vs. V V Food | Sinofibers Technology vs. Guangdong Silvere Sci | Sinofibers Technology vs. Qingdao Foods Co | Sinofibers Technology vs. New Hope Dairy |
| GUOMAI Culture vs. Guangzhou KingTeller Technology | GUOMAI Culture vs. Dhc Software Co | GUOMAI Culture vs. Sinofibers Technology Co | GUOMAI Culture vs. Hangzhou Arcvideo Technology |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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