Correlation Between Sany Heavy and Do Fluoride
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By analyzing existing cross correlation between Sany Heavy Industry and Do Fluoride Chemicals Co, you can compare the effects of market volatilities on Sany Heavy and Do Fluoride 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 Sany Heavy with a short position of Do Fluoride. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sany Heavy and Do Fluoride.
Diversification Opportunities for Sany Heavy and Do Fluoride
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sany and 002407 is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Sany Heavy Industry and Do Fluoride Chemicals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Do Fluoride Chemicals and Sany Heavy 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 Sany Heavy Industry are associated (or correlated) with Do Fluoride. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Do Fluoride Chemicals has no effect on the direction of Sany Heavy i.e., Sany Heavy and Do Fluoride go up and down completely randomly.
Pair Corralation between Sany Heavy and Do Fluoride
Assuming the 90 days trading horizon Sany Heavy Industry is expected to generate 0.62 times more return on investment than Do Fluoride. However, Sany Heavy Industry is 1.62 times less risky than Do Fluoride. It trades about 0.07 of its potential returns per unit of risk. Do Fluoride Chemicals Co is currently generating about 0.0 per unit of risk. If you would invest 1,307 in Sany Heavy Industry on September 4, 2024 and sell it today you would earn a total of 427.00 from holding Sany Heavy Industry or generate 32.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sany Heavy Industry vs. Do Fluoride Chemicals Co
Performance |
| Timeline |
| Sany Heavy Industry |
| Do Fluoride Chemicals |
Sany Heavy and Do Fluoride Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sany Heavy and Do Fluoride
The main advantage of trading using opposite Sany Heavy and Do Fluoride positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sany Heavy position performs unexpectedly, Do Fluoride 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 Do Fluoride will offset losses from the drop in Do Fluoride's long position.| Sany Heavy vs. Ningxia Building Materials | Sany Heavy vs. Shanghai Rongtai Health | Sany Heavy vs. Ningbo Tip Rubber | Sany Heavy vs. Suzhou Xingye Material |
| Do Fluoride vs. Zijin Mining Group | Do Fluoride vs. Wanhua Chemical Group | Do Fluoride vs. Baoshan Iron Steel | Do Fluoride vs. Shandong Gold Mining |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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