Correlation Between Saurer Intelligent and HanS Laser
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By analyzing existing cross correlation between Saurer Intelligent Technology and HanS Laser Tech, you can compare the effects of market volatilities on Saurer Intelligent and HanS Laser 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 Saurer Intelligent with a short position of HanS Laser. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saurer Intelligent and HanS Laser.
Diversification Opportunities for Saurer Intelligent and HanS Laser
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Saurer and HanS is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Saurer Intelligent Technology and HanS Laser Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HanS Laser Tech and Saurer Intelligent 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 Saurer Intelligent Technology are associated (or correlated) with HanS Laser. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HanS Laser Tech has no effect on the direction of Saurer Intelligent i.e., Saurer Intelligent and HanS Laser go up and down completely randomly.
Pair Corralation between Saurer Intelligent and HanS Laser
Assuming the 90 days trading horizon Saurer Intelligent Technology is expected to generate 1.16 times more return on investment than HanS Laser. However, Saurer Intelligent is 1.16 times more volatile than HanS Laser Tech. It trades about 0.25 of its potential returns per unit of risk. HanS Laser Tech is currently generating about 0.19 per unit of risk. If you would invest 135.00 in Saurer Intelligent Technology on September 4, 2024 and sell it today you would earn a total of 92.00 from holding Saurer Intelligent Technology or generate 68.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Saurer Intelligent Technology vs. HanS Laser Tech
Performance |
| Timeline |
| Saurer Intelligent |
| HanS Laser Tech |
Saurer Intelligent and HanS Laser Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Saurer Intelligent and HanS Laser
The main advantage of trading using opposite Saurer Intelligent and HanS Laser positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saurer Intelligent position performs unexpectedly, HanS Laser 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 HanS Laser will offset losses from the drop in HanS Laser's long position.| Saurer Intelligent vs. Industrial and Commercial | Saurer Intelligent vs. Agricultural Bank of | Saurer Intelligent vs. China Construction Bank | Saurer Intelligent vs. Bank of China |
| HanS Laser vs. Chengdu Kanghua Biological | HanS Laser vs. Beijing Wantai Biological | HanS Laser vs. Suzhou Novoprotein Scientific | HanS Laser vs. Aluminum Corp of |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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