Correlation Between State Grid and Accelink Technologies
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By analyzing existing cross correlation between State Grid InformationCommunication and Accelink Technologies Co, you can compare the effects of market volatilities on State Grid and Accelink Technologies 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 State Grid with a short position of Accelink Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of State Grid and Accelink Technologies.
Diversification Opportunities for State Grid and Accelink Technologies
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between State and Accelink is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding State Grid InformationCommunic and Accelink Technologies Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accelink Technologies and State Grid 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 State Grid InformationCommunication are associated (or correlated) with Accelink Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accelink Technologies has no effect on the direction of State Grid i.e., State Grid and Accelink Technologies go up and down completely randomly.
Pair Corralation between State Grid and Accelink Technologies
Assuming the 90 days trading horizon State Grid InformationCommunication is expected to under-perform the Accelink Technologies. But the stock apears to be less risky and, when comparing its historical volatility, State Grid InformationCommunication is 2.31 times less risky than Accelink Technologies. The stock trades about -0.32 of its potential returns per unit of risk. The Accelink Technologies Co is currently generating about -0.09 of returns per unit of risk over similar time horizon. If you would invest 5,630 in Accelink Technologies Co on October 25, 2024 and sell it today you would lose (495.00) from holding Accelink Technologies Co or give up 8.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
State Grid InformationCommunic vs. Accelink Technologies Co
Performance |
| Timeline |
| State Grid Informati |
| Accelink Technologies |
State Grid and Accelink Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with State Grid and Accelink Technologies
The main advantage of trading using opposite State Grid and Accelink Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if State Grid position performs unexpectedly, Accelink Technologies 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 Accelink Technologies will offset losses from the drop in Accelink Technologies' long position.| State Grid vs. Xiandai Investment Co | State Grid vs. Huaxia Fund Management | State Grid vs. Jahen Household Products | State Grid vs. Chengdu Spaceon Electronics |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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