Correlation Between Tonghua Grape and Thinkon Semiconductor
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By analyzing existing cross correlation between Tonghua Grape Wine and Thinkon Semiconductor Jinzhou, you can compare the effects of market volatilities on Tonghua Grape and Thinkon Semiconductor 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 Tonghua Grape with a short position of Thinkon Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tonghua Grape and Thinkon Semiconductor.
Diversification Opportunities for Tonghua Grape and Thinkon Semiconductor
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Tonghua and Thinkon is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Tonghua Grape Wine and Thinkon Semiconductor Jinzhou in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkon Semiconductor and Tonghua Grape 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 Tonghua Grape Wine are associated (or correlated) with Thinkon Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkon Semiconductor has no effect on the direction of Tonghua Grape i.e., Tonghua Grape and Thinkon Semiconductor go up and down completely randomly.
Pair Corralation between Tonghua Grape and Thinkon Semiconductor
Assuming the 90 days trading horizon Tonghua Grape Wine is expected to generate 0.62 times more return on investment than Thinkon Semiconductor. However, Tonghua Grape Wine is 1.61 times less risky than Thinkon Semiconductor. It trades about -0.03 of its potential returns per unit of risk. Thinkon Semiconductor Jinzhou is currently generating about -0.02 per unit of risk. If you would invest 422.00 in Tonghua Grape Wine on October 14, 2024 and sell it today you would lose (165.00) from holding Tonghua Grape Wine or give up 39.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tonghua Grape Wine vs. Thinkon Semiconductor Jinzhou
Performance |
| Timeline |
| Tonghua Grape Wine |
| Thinkon Semiconductor |
Tonghua Grape and Thinkon Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tonghua Grape and Thinkon Semiconductor
The main advantage of trading using opposite Tonghua Grape and Thinkon Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tonghua Grape position performs unexpectedly, Thinkon Semiconductor 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 Thinkon Semiconductor will offset losses from the drop in Thinkon Semiconductor's long position.| Tonghua Grape vs. Zhongshan Broad Ocean Motor | Tonghua Grape vs. Fujian Longzhou Transportation | Tonghua Grape vs. Shaanxi Broadcast TV | Tonghua Grape vs. Yindu Kitchen Equipment |
| Thinkon Semiconductor vs. Beijing Mainstreets Investment | Thinkon Semiconductor vs. Tonghua Grape Wine | Thinkon Semiconductor vs. Hunan Investment Group | Thinkon Semiconductor vs. Harbin Hatou Investment |
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 CEOs Directory module to screen CEOs from public companies around the world.
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