Correlation Between Techshine Electronics and Tianjin LVYIN
Specify exactly 2 symbols:
By analyzing existing cross correlation between Techshine Electronics Co and Tianjin LVYIN Landscape, you can compare the effects of market volatilities on Techshine Electronics and Tianjin LVYIN 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 Tianjin LVYIN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Techshine Electronics and Tianjin LVYIN.
Diversification Opportunities for Techshine Electronics and Tianjin LVYIN
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Techshine and Tianjin is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Techshine Electronics Co and Tianjin LVYIN Landscape in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin LVYIN Landscape 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 Tianjin LVYIN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin LVYIN Landscape has no effect on the direction of Techshine Electronics i.e., Techshine Electronics and Tianjin LVYIN go up and down completely randomly.
Pair Corralation between Techshine Electronics and Tianjin LVYIN
Assuming the 90 days trading horizon Techshine Electronics Co is expected to generate 0.7 times more return on investment than Tianjin LVYIN. However, Techshine Electronics Co is 1.44 times less risky than Tianjin LVYIN. It trades about 0.14 of its potential returns per unit of risk. Tianjin LVYIN Landscape is currently generating about -0.03 per unit of risk. If you would invest 1,995 in Techshine Electronics Co on September 25, 2024 and sell it today you would earn a total of 140.00 from holding Techshine Electronics Co or generate 7.02% 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. Tianjin LVYIN Landscape
Performance |
| Timeline |
| Techshine Electronics |
| Tianjin LVYIN Landscape |
Techshine Electronics and Tianjin LVYIN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Techshine Electronics and Tianjin LVYIN
The main advantage of trading using opposite Techshine Electronics and Tianjin LVYIN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Techshine Electronics position performs unexpectedly, Tianjin LVYIN 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 Tianjin LVYIN will offset losses from the drop in Tianjin LVYIN'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 |
| Tianjin LVYIN vs. Ming Yang Smart | Tianjin LVYIN vs. 159681 | Tianjin LVYIN vs. 159005 | Tianjin LVYIN vs. Loctek Ergonomic 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |