Correlation Between Sino Platinum and Beijing Roborock
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By analyzing existing cross correlation between Sino Platinum Metals Co and Beijing Roborock Technology, you can compare the effects of market volatilities on Sino Platinum and Beijing Roborock 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 Sino Platinum with a short position of Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sino Platinum and Beijing Roborock.
Diversification Opportunities for Sino Platinum and Beijing Roborock
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Sino and Beijing is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Sino Platinum Metals Co and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec and Sino Platinum 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 Sino Platinum Metals Co are associated (or correlated) with Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Sino Platinum i.e., Sino Platinum and Beijing Roborock go up and down completely randomly.
Pair Corralation between Sino Platinum and Beijing Roborock
Assuming the 90 days trading horizon Sino Platinum is expected to generate 4.08 times less return on investment than Beijing Roborock. But when comparing it to its historical volatility, Sino Platinum Metals Co is 1.88 times less risky than Beijing Roborock. It trades about 0.01 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 18,466 in Beijing Roborock Technology on September 13, 2024 and sell it today you would earn a total of 3,985 from holding Beijing Roborock Technology or generate 21.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sino Platinum Metals Co vs. Beijing Roborock Technology
Performance |
| Timeline |
| Sino Platinum Metals |
| Beijing Roborock Tec |
Sino Platinum and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sino Platinum and Beijing Roborock
The main advantage of trading using opposite Sino Platinum and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sino Platinum position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| Sino Platinum vs. Zijin Mining Group | Sino Platinum vs. Wanhua Chemical Group | Sino Platinum vs. Baoshan Iron Steel | Sino Platinum vs. Rongsheng Petrochemical Co |
| Beijing Roborock vs. Sino Platinum Metals Co | Beijing Roborock vs. Hengli Industrial Development | Beijing Roborock vs. Hang Xiao Steel | Beijing Roborock vs. Qiaoyin Environmental Tech |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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