Correlation Between Hangzhou Minsheng and Sobute New
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By analyzing existing cross correlation between Hangzhou Minsheng Healthcare and Sobute New Materials, you can compare the effects of market volatilities on Hangzhou Minsheng and Sobute New 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 Hangzhou Minsheng with a short position of Sobute New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Minsheng and Sobute New.
Diversification Opportunities for Hangzhou Minsheng and Sobute New
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hangzhou and Sobute is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Minsheng Healthcare and Sobute New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sobute New Materials and Hangzhou Minsheng 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 Hangzhou Minsheng Healthcare are associated (or correlated) with Sobute New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sobute New Materials has no effect on the direction of Hangzhou Minsheng i.e., Hangzhou Minsheng and Sobute New go up and down completely randomly.
Pair Corralation between Hangzhou Minsheng and Sobute New
Assuming the 90 days trading horizon Hangzhou Minsheng is expected to generate 12.06 times less return on investment than Sobute New. In addition to that, Hangzhou Minsheng is 1.47 times more volatile than Sobute New Materials. It trades about 0.0 of its total potential returns per unit of risk. Sobute New Materials is currently generating about 0.06 per unit of volatility. If you would invest 641.00 in Sobute New Materials on November 3, 2024 and sell it today you would earn a total of 102.00 from holding Sobute New Materials or generate 15.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hangzhou Minsheng Healthcare vs. Sobute New Materials
Performance |
| Timeline |
| Hangzhou Minsheng |
| Sobute New Materials |
Hangzhou Minsheng and Sobute New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Minsheng and Sobute New
The main advantage of trading using opposite Hangzhou Minsheng and Sobute New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Minsheng position performs unexpectedly, Sobute New 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 Sobute New will offset losses from the drop in Sobute New's long position.| Hangzhou Minsheng vs. Boai NKY Pharmaceuticals | Hangzhou Minsheng vs. Ming Yang Smart | Hangzhou Minsheng vs. 159681 | Hangzhou Minsheng vs. 159005 |
| Sobute New vs. HUAQIN TECHNOLOGY LTD | Sobute New vs. Agricultural Bank of | Sobute New vs. China Everbright Bank | Sobute New vs. GRG Banking Equipment |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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