Correlation Between Super Dragon and Lecron Energy
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By analyzing existing cross correlation between Super Dragon Engineering Plastics and Lecron Energy Saving, you can compare the effects of market volatilities on Super Dragon and Lecron Energy 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 Super Dragon with a short position of Lecron Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Super Dragon and Lecron Energy.
Diversification Opportunities for Super Dragon and Lecron Energy
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Super and Lecron is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Super Dragon Engineering Plast and Lecron Energy Saving in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lecron Energy Saving and Super Dragon 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 Super Dragon Engineering Plastics are associated (or correlated) with Lecron Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lecron Energy Saving has no effect on the direction of Super Dragon i.e., Super Dragon and Lecron Energy go up and down completely randomly.
Pair Corralation between Super Dragon and Lecron Energy
Assuming the 90 days trading horizon Super Dragon Engineering Plastics is expected to generate 0.68 times more return on investment than Lecron Energy. However, Super Dragon Engineering Plastics is 1.46 times less risky than Lecron Energy. It trades about 0.01 of its potential returns per unit of risk. Lecron Energy Saving is currently generating about 0.0 per unit of risk. If you would invest 3,506 in Super Dragon Engineering Plastics on October 25, 2024 and sell it today you would lose (47.00) from holding Super Dragon Engineering Plastics or give up 1.34% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Super Dragon Engineering Plast vs. Lecron Energy Saving
Performance |
| Timeline |
| Super Dragon Enginee |
| Lecron Energy Saving |
Super Dragon and Lecron Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Super Dragon and Lecron Energy
The main advantage of trading using opposite Super Dragon and Lecron Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Super Dragon position performs unexpectedly, Lecron Energy 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 Lecron Energy will offset losses from the drop in Lecron Energy's long position.| Super Dragon vs. Kweichow Moutai Co | Super Dragon vs. Contemporary Amperex Technology | Super Dragon vs. Beijing Roborock Technology | Super Dragon vs. BYD Co Ltd |
| Lecron Energy vs. Changchun Engley Automobile | Lecron Energy vs. Eyebright Medical Technology | Lecron Energy vs. Touchstone International Medical | Lecron Energy vs. Allgens Medical Technology |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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