Correlation Between Shenzhen and 360 Security
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shenzhen AV Display Co and 360 Security Technology, you can compare the effects of market volatilities on Shenzhen and 360 Security 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 Shenzhen with a short position of 360 Security. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen and 360 Security.
Diversification Opportunities for Shenzhen and 360 Security
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shenzhen and 360 is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen AV Display Co and 360 Security Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 360 Security Technology and Shenzhen 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 Shenzhen AV Display Co are associated (or correlated) with 360 Security. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 360 Security Technology has no effect on the direction of Shenzhen i.e., Shenzhen and 360 Security go up and down completely randomly.
Pair Corralation between Shenzhen and 360 Security
Assuming the 90 days trading horizon Shenzhen is expected to generate 2.57 times less return on investment than 360 Security. But when comparing it to its historical volatility, Shenzhen AV Display Co is 1.13 times less risky than 360 Security. It trades about 0.11 of its potential returns per unit of risk. 360 Security Technology is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest 693.00 in 360 Security Technology on September 3, 2024 and sell it today you would earn a total of 647.00 from holding 360 Security Technology or generate 93.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen AV Display Co vs. 360 Security Technology
Performance |
| Timeline |
| Shenzhen AV Display |
| 360 Security Technology |
Shenzhen and 360 Security Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen and 360 Security
The main advantage of trading using opposite Shenzhen and 360 Security positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen position performs unexpectedly, 360 Security 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 360 Security will offset losses from the drop in 360 Security's long position.| Shenzhen vs. Beijing SPC Environment | Shenzhen vs. Sinocat Environmental Technology | Shenzhen vs. Pengxin International Mining | Shenzhen vs. Minmetals Capital Co |
| 360 Security vs. Agricultural Bank of | 360 Security vs. China Construction Bank | 360 Security vs. Postal Savings Bank | 360 Security vs. Bank of Communications |
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.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |