Correlation Between Sinofibers Technology and Hangzhou Pinming
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By analyzing existing cross correlation between Sinofibers Technology Co and Hangzhou Pinming Software, you can compare the effects of market volatilities on Sinofibers Technology and Hangzhou Pinming 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 Pinming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sinofibers Technology and Hangzhou Pinming.
Diversification Opportunities for Sinofibers Technology and Hangzhou Pinming
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Sinofibers and Hangzhou is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Sinofibers Technology Co and Hangzhou Pinming Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Pinming Software 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 Pinming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Pinming Software has no effect on the direction of Sinofibers Technology i.e., Sinofibers Technology and Hangzhou Pinming go up and down completely randomly.
Pair Corralation between Sinofibers Technology and Hangzhou Pinming
Assuming the 90 days trading horizon Sinofibers Technology Co is expected to generate 1.01 times more return on investment than Hangzhou Pinming. However, Sinofibers Technology is 1.01 times more volatile than Hangzhou Pinming Software. It trades about 0.01 of its potential returns per unit of risk. Hangzhou Pinming Software is currently generating about -0.12 per unit of risk. If you would invest 2,680 in Sinofibers Technology Co on October 14, 2024 and sell it today you would lose (42.00) from holding Sinofibers Technology Co or give up 1.57% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Sinofibers Technology Co vs. Hangzhou Pinming Software
Performance |
Timeline |
Sinofibers Technology |
Hangzhou Pinming Software |
Sinofibers Technology and Hangzhou Pinming Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sinofibers Technology and Hangzhou Pinming
The main advantage of trading using opposite Sinofibers Technology and Hangzhou Pinming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sinofibers Technology position performs unexpectedly, Hangzhou Pinming 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 Pinming will offset losses from the drop in Hangzhou Pinming'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 |
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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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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