Correlation Between Pengxin International and 360 Security
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By analyzing existing cross correlation between Pengxin International Mining and 360 Security Technology, you can compare the effects of market volatilities on Pengxin International and 360 Security 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 Pengxin International with a short position of 360 Security. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pengxin International and 360 Security.
Diversification Opportunities for Pengxin International and 360 Security
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Pengxin and 360 is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Pengxin International Mining and 360 Security Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 360 Security Technology and Pengxin International 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 Pengxin International Mining are associated (or correlated) with 360 Security. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 360 Security Technology has no effect on the direction of Pengxin International i.e., Pengxin International and 360 Security go up and down completely randomly.
Pair Corralation between Pengxin International and 360 Security
Assuming the 90 days trading horizon Pengxin International is expected to generate 1.45 times less return on investment than 360 Security. In addition to that, Pengxin International is 1.01 times more volatile than 360 Security Technology. It trades about 0.05 of its total potential returns per unit of risk. 360 Security Technology is currently generating about 0.07 per unit of volatility. If you would invest 717.00 in 360 Security Technology on November 4, 2024 and sell it today you would earn a total of 393.00 from holding 360 Security Technology or generate 54.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pengxin International Mining vs. 360 Security Technology
Performance |
| Timeline |
| Pengxin International |
| 360 Security Technology |
Pengxin International and 360 Security Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pengxin International and 360 Security
The main advantage of trading using opposite Pengxin International and 360 Security positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pengxin International position performs unexpectedly, 360 Security 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 360 Security will offset losses from the drop in 360 Security's long position.| Pengxin International vs. Zijin Mining Group | Pengxin International vs. Wanhua Chemical Group | Pengxin International vs. Baoshan Iron Steel | Pengxin International vs. Shandong Gold Mining |
| 360 Security vs. HengFeng Information Technology | 360 Security vs. Zhongfu Information | 360 Security vs. Hygon Information Technology | 360 Security vs. Sublime China Information |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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