Correlation Between Techshine Electronics and China Citic
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By analyzing existing cross correlation between Techshine Electronics Co and China Citic Bank, you can compare the effects of market volatilities on Techshine Electronics and China Citic 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 China Citic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Techshine Electronics and China Citic.
Diversification Opportunities for Techshine Electronics and China Citic
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Techshine and China is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Techshine Electronics Co and China Citic Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Citic Bank 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 China Citic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Citic Bank has no effect on the direction of Techshine Electronics i.e., Techshine Electronics and China Citic go up and down completely randomly.
Pair Corralation between Techshine Electronics and China Citic
Assuming the 90 days trading horizon Techshine Electronics Co is expected to generate 1.79 times more return on investment than China Citic. However, Techshine Electronics is 1.79 times more volatile than China Citic Bank. It trades about 0.06 of its potential returns per unit of risk. China Citic Bank is currently generating about 0.0 per unit of risk. If you would invest 1,704 in Techshine Electronics Co on September 3, 2024 and sell it today you would earn a total of 322.00 from holding Techshine Electronics Co or generate 18.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Techshine Electronics Co vs. China Citic Bank
Performance |
| Timeline |
| Techshine Electronics |
| China Citic Bank |
Techshine Electronics and China Citic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Techshine Electronics and China Citic
The main advantage of trading using opposite Techshine Electronics and China Citic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Techshine Electronics position performs unexpectedly, China Citic 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 China Citic will offset losses from the drop in China Citic's long position.| Techshine Electronics vs. Agricultural Bank of | Techshine Electronics vs. China Construction Bank | Techshine Electronics vs. Postal Savings Bank | Techshine Electronics vs. Bank of Communications |
| China Citic vs. StarPower Semiconductor | China Citic vs. Integrated Electronic Systems | China Citic vs. GRINM Semiconductor Materials | China Citic vs. Techshine Electronics 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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