Correlation Between Imeik Technology and Shanghai Yanpu
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By analyzing existing cross correlation between Imeik Technology Development and Shanghai Yanpu Metal, you can compare the effects of market volatilities on Imeik Technology and Shanghai Yanpu 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 Imeik Technology with a short position of Shanghai Yanpu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Imeik Technology and Shanghai Yanpu.
Diversification Opportunities for Imeik Technology and Shanghai Yanpu
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Imeik and Shanghai is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Imeik Technology Development and Shanghai Yanpu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Yanpu Metal and Imeik 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 Imeik Technology Development are associated (or correlated) with Shanghai Yanpu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Yanpu Metal has no effect on the direction of Imeik Technology i.e., Imeik Technology and Shanghai Yanpu go up and down completely randomly.
Pair Corralation between Imeik Technology and Shanghai Yanpu
Assuming the 90 days trading horizon Imeik Technology Development is expected to under-perform the Shanghai Yanpu. But the stock apears to be less risky and, when comparing its historical volatility, Imeik Technology Development is 1.17 times less risky than Shanghai Yanpu. The stock trades about -0.14 of its potential returns per unit of risk. The Shanghai Yanpu Metal is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest 3,698 in Shanghai Yanpu Metal on November 3, 2024 and sell it today you would lose (71.00) from holding Shanghai Yanpu Metal or give up 1.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Imeik Technology Development vs. Shanghai Yanpu Metal
Performance |
| Timeline |
| Imeik Technology Dev |
| Shanghai Yanpu Metal |
Imeik Technology and Shanghai Yanpu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Imeik Technology and Shanghai Yanpu
The main advantage of trading using opposite Imeik Technology and Shanghai Yanpu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Imeik Technology position performs unexpectedly, Shanghai Yanpu 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 Shanghai Yanpu will offset losses from the drop in Shanghai Yanpu's long position.| Imeik Technology vs. Xinhua Winshare Publishing | Imeik Technology vs. Shandong Intco Medical | Imeik Technology vs. Chinese Universe Publishing | Imeik Technology vs. BrightGene Bio Medical |
| Shanghai Yanpu vs. Industrial and Commercial | Shanghai Yanpu vs. Agricultural Bank of | Shanghai Yanpu vs. China Construction Bank | Shanghai Yanpu vs. Bank of China |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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