Correlation Between SSAW Hotels and Beijing Kingsoft
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By analyzing existing cross correlation between SSAW Hotels Resorts and Beijing Kingsoft Office, you can compare the effects of market volatilities on SSAW Hotels and Beijing Kingsoft 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 SSAW Hotels with a short position of Beijing Kingsoft. Check out your portfolio center. Please also check ongoing floating volatility patterns of SSAW Hotels and Beijing Kingsoft.
Diversification Opportunities for SSAW Hotels and Beijing Kingsoft
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between SSAW and Beijing is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding SSAW Hotels Resorts and Beijing Kingsoft Office in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kingsoft Office and SSAW Hotels 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 SSAW Hotels Resorts are associated (or correlated) with Beijing Kingsoft. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kingsoft Office has no effect on the direction of SSAW Hotels i.e., SSAW Hotels and Beijing Kingsoft go up and down completely randomly.
Pair Corralation between SSAW Hotels and Beijing Kingsoft
Assuming the 90 days trading horizon SSAW Hotels Resorts is expected to under-perform the Beijing Kingsoft. In addition to that, SSAW Hotels is 1.27 times more volatile than Beijing Kingsoft Office. It trades about -0.43 of its total potential returns per unit of risk. Beijing Kingsoft Office is currently generating about -0.45 per unit of volatility. If you would invest 33,301 in Beijing Kingsoft Office on October 12, 2024 and sell it today you would lose (7,057) from holding Beijing Kingsoft Office or give up 21.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SSAW Hotels Resorts vs. Beijing Kingsoft Office
Performance |
| Timeline |
| SSAW Hotels Resorts |
| Beijing Kingsoft Office |
SSAW Hotels and Beijing Kingsoft Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SSAW Hotels and Beijing Kingsoft
The main advantage of trading using opposite SSAW Hotels and Beijing Kingsoft positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SSAW Hotels position performs unexpectedly, Beijing Kingsoft 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 Beijing Kingsoft will offset losses from the drop in Beijing Kingsoft's long position.| SSAW Hotels vs. Western Metal Materials | SSAW Hotels vs. Jiujiang Shanshui Technology | SSAW Hotels vs. Changchun UP Optotech | SSAW Hotels vs. Hefei Metalforming Mach |
| Beijing Kingsoft vs. Shaanxi Broadcast TV | Beijing Kingsoft vs. Fujian Longzhou Transportation | Beijing Kingsoft vs. Silkroad Visual Technology | Beijing Kingsoft vs. Dongfeng Automobile 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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