Correlation Between Techshine Electronics and CSG Holding
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By analyzing existing cross correlation between Techshine Electronics Co and CSG Holding Co, you can compare the effects of market volatilities on Techshine Electronics and CSG 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 CSG Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Techshine Electronics and CSG Holding.
Diversification Opportunities for Techshine Electronics and CSG Holding
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Techshine and CSG is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Techshine Electronics Co and CSG Holding Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CSG 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 CSG Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CSG Holding has no effect on the direction of Techshine Electronics i.e., Techshine Electronics and CSG Holding go up and down completely randomly.
Pair Corralation between Techshine Electronics and CSG Holding
Assuming the 90 days trading horizon Techshine Electronics Co is expected to generate 1.22 times more return on investment than CSG Holding. However, Techshine Electronics is 1.22 times more volatile than CSG Holding Co. It trades about 0.12 of its potential returns per unit of risk. CSG Holding Co is currently generating about -0.28 per unit of risk. If you would invest 1,979 in Techshine Electronics Co on November 3, 2024 and sell it today you would earn a total of 120.00 from holding Techshine Electronics Co or generate 6.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Techshine Electronics Co vs. CSG Holding Co
Performance |
| Timeline |
| Techshine Electronics |
| CSG Holding |
Techshine Electronics and CSG Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Techshine Electronics and CSG Holding
The main advantage of trading using opposite Techshine Electronics and CSG Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Techshine Electronics position performs unexpectedly, CSG 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 CSG Holding will offset losses from the drop in CSG Holding's long position.| Techshine Electronics vs. Industrial and Commercial | Techshine Electronics vs. Kweichow Moutai Co | Techshine Electronics vs. Agricultural Bank of | Techshine Electronics vs. China Mobile Limited |
| CSG Holding vs. Jinhe Biotechnology Co | CSG Holding vs. Tinavi Medical Technologies | CSG Holding vs. Xiangyu Medical Co | CSG Holding vs. Sichuan Hebang Biotechnology |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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