Correlation Between Techshine Electronics and Zangge Holding
Specify exactly 2 symbols:
By analyzing existing cross correlation between Techshine Electronics Co and Zangge Holding Co, you can compare the effects of market volatilities on Techshine Electronics and Zangge Holding 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 Techshine Electronics with a short position of Zangge Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Techshine Electronics and Zangge Holding.
Diversification Opportunities for Techshine Electronics and Zangge Holding
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Techshine and Zangge is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Techshine Electronics Co and Zangge Holding Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zangge Holding and Techshine Electronics 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 Techshine Electronics Co are associated (or correlated) with Zangge Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zangge Holding has no effect on the direction of Techshine Electronics i.e., Techshine Electronics and Zangge Holding go up and down completely randomly.
Pair Corralation between Techshine Electronics and Zangge Holding
Assuming the 90 days trading horizon Techshine Electronics Co is expected to generate 1.69 times more return on investment than Zangge Holding. However, Techshine Electronics is 1.69 times more volatile than Zangge Holding Co. It trades about 0.03 of its potential returns per unit of risk. Zangge Holding Co is currently generating about 0.03 per unit of risk. If you would invest 1,811 in Techshine Electronics Co on September 26, 2024 and sell it today you would earn a total of 324.00 from holding Techshine Electronics Co or generate 17.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Techshine Electronics Co vs. Zangge Holding Co
Performance |
| Timeline |
| Techshine Electronics |
| Zangge Holding |
Techshine Electronics and Zangge Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Techshine Electronics and Zangge Holding
The main advantage of trading using opposite Techshine Electronics and Zangge Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Techshine Electronics position performs unexpectedly, Zangge Holding 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 Zangge Holding will offset losses from the drop in Zangge Holding's long position.| Techshine Electronics vs. Industrial and Commercial | Techshine Electronics vs. China Construction Bank | Techshine Electronics vs. Agricultural Bank of | Techshine Electronics vs. Bank of China |
| Zangge Holding vs. Guangdong Shenglu Telecommunication | Zangge Holding vs. Gan Yuan Foods | Zangge Holding vs. Qingdao Foods Co | Zangge Holding vs. Fiberhome Telecommunication Technologies |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |