Correlation Between Sharetronic Data and INKON Life
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By analyzing existing cross correlation between Sharetronic Data Technology and INKON Life Technology, you can compare the effects of market volatilities on Sharetronic Data and INKON Life 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 Sharetronic Data with a short position of INKON Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sharetronic Data and INKON Life.
Diversification Opportunities for Sharetronic Data and INKON Life
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sharetronic and INKON is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Sharetronic Data Technology and INKON Life Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INKON Life Technology and Sharetronic Data 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 Sharetronic Data Technology are associated (or correlated) with INKON Life. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INKON Life Technology has no effect on the direction of Sharetronic Data i.e., Sharetronic Data and INKON Life go up and down completely randomly.
Pair Corralation between Sharetronic Data and INKON Life
Assuming the 90 days trading horizon Sharetronic Data Technology is expected to generate 1.28 times more return on investment than INKON Life. However, Sharetronic Data is 1.28 times more volatile than INKON Life Technology. It trades about 0.1 of its potential returns per unit of risk. INKON Life Technology is currently generating about 0.04 per unit of risk. If you would invest 5,504 in Sharetronic Data Technology on October 12, 2024 and sell it today you would earn a total of 4,923 from holding Sharetronic Data Technology or generate 89.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sharetronic Data Technology vs. INKON Life Technology
Performance |
| Timeline |
| Sharetronic Data Tec |
| INKON Life Technology |
Sharetronic Data and INKON Life Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sharetronic Data and INKON Life
The main advantage of trading using opposite Sharetronic Data and INKON Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sharetronic Data position performs unexpectedly, INKON Life 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 INKON Life will offset losses from the drop in INKON Life's long position.| Sharetronic Data vs. TianJin 712 Communication | Sharetronic Data vs. Guangxi Wuzhou Communications | Sharetronic Data vs. Nanjing Putian Telecommunications | Sharetronic Data vs. Guosheng Financial Holding |
| INKON Life vs. Guangzhou Jinyi Media | INKON Life vs. Lontium Semiconductor Corp | INKON Life vs. Shandong Longquan Pipeline | INKON Life vs. Southern PublishingMedia 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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