Correlation Between Sinofibers Technology and Hangzhou Minsheng
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By analyzing existing cross correlation between Sinofibers Technology Co and Hangzhou Minsheng Healthcare, you can compare the effects of market volatilities on Sinofibers Technology and Hangzhou Minsheng 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 Hangzhou Minsheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sinofibers Technology and Hangzhou Minsheng.
Diversification Opportunities for Sinofibers Technology and Hangzhou Minsheng
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sinofibers and Hangzhou is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Sinofibers Technology Co and Hangzhou Minsheng Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Minsheng 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 Hangzhou Minsheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Minsheng has no effect on the direction of Sinofibers Technology i.e., Sinofibers Technology and Hangzhou Minsheng go up and down completely randomly.
Pair Corralation between Sinofibers Technology and Hangzhou Minsheng
Assuming the 90 days trading horizon Sinofibers Technology Co is expected to generate 0.69 times more return on investment than Hangzhou Minsheng. However, Sinofibers Technology Co is 1.46 times less risky than Hangzhou Minsheng. It trades about 0.04 of its potential returns per unit of risk. Hangzhou Minsheng Healthcare is currently generating about -0.03 per unit of risk. If you would invest 3,449 in Sinofibers Technology Co on January 27, 2025 and sell it today you would earn a total of 49.00 from holding Sinofibers Technology Co or generate 1.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sinofibers Technology Co vs. Hangzhou Minsheng Healthcare
Performance |
| Timeline |
| Sinofibers Technology |
| Hangzhou Minsheng |
Sinofibers Technology and Hangzhou Minsheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sinofibers Technology and Hangzhou Minsheng
The main advantage of trading using opposite Sinofibers Technology and Hangzhou Minsheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sinofibers Technology position performs unexpectedly, Hangzhou Minsheng 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 Hangzhou Minsheng will offset losses from the drop in Hangzhou Minsheng's long position.| Sinofibers Technology vs. Humanwell Healthcare Group | Sinofibers Technology vs. By health | Sinofibers Technology vs. Dymatic Chemicals | Sinofibers Technology vs. PKU HealthCare Corp |
| Hangzhou Minsheng vs. Fujian Oriental Silver | Hangzhou Minsheng vs. Shandong Longquan Pipeline | Hangzhou Minsheng vs. Huizhou Speed Wireless | Hangzhou Minsheng vs. XinJiang GuoTong Pipeline |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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