Correlation Between State Grid and Chengdu Spaceon
Specify exactly 2 symbols:
By analyzing existing cross correlation between State Grid InformationCommunication and Chengdu Spaceon Electronics, you can compare the effects of market volatilities on State Grid and Chengdu Spaceon 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 Chengdu Spaceon. Check out your portfolio center. Please also check ongoing floating volatility patterns of State Grid and Chengdu Spaceon.
Diversification Opportunities for State Grid and Chengdu Spaceon
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between State and Chengdu is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding State Grid InformationCommunic and Chengdu Spaceon Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu Spaceon Elec 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 Chengdu Spaceon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu Spaceon Elec has no effect on the direction of State Grid i.e., State Grid and Chengdu Spaceon go up and down completely randomly.
Pair Corralation between State Grid and Chengdu Spaceon
Assuming the 90 days trading horizon State Grid is expected to generate 1.95 times less return on investment than Chengdu Spaceon. In addition to that, State Grid is 1.0 times more volatile than Chengdu Spaceon Electronics. It trades about 0.04 of its total potential returns per unit of risk. Chengdu Spaceon Electronics is currently generating about 0.08 per unit of volatility. If you would invest 1,295 in Chengdu Spaceon Electronics on October 18, 2024 and sell it today you would earn a total of 218.00 from holding Chengdu Spaceon Electronics or generate 16.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
State Grid InformationCommunic vs. Chengdu Spaceon Electronics
Performance |
| Timeline |
| State Grid Informati |
| Chengdu Spaceon Elec |
State Grid and Chengdu Spaceon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with State Grid and Chengdu Spaceon
The main advantage of trading using opposite State Grid and Chengdu Spaceon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if State Grid position performs unexpectedly, Chengdu Spaceon 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 Chengdu Spaceon will offset losses from the drop in Chengdu Spaceon's long position.| State Grid vs. Anhui Transport Consulting | State Grid vs. China Aluminum International | State Grid vs. Rising Nonferrous Metals | State Grid vs. Shanghai Yanpu Metal |
| Chengdu Spaceon vs. Anhui Shiny Electronic | Chengdu Spaceon vs. Anhui Jianghuai Automobile | Chengdu Spaceon vs. Ningbo Fangzheng Automobile | Chengdu Spaceon vs. Xinya Electronic 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Stocks Directory Find actively traded stocks across global markets | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |