Correlation Between Saurer Intelligent and Shenzhen Hifuture
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By analyzing existing cross correlation between Saurer Intelligent Technology and Shenzhen Hifuture Electric, you can compare the effects of market volatilities on Saurer Intelligent and Shenzhen Hifuture 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 Shenzhen Hifuture. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saurer Intelligent and Shenzhen Hifuture.
Diversification Opportunities for Saurer Intelligent and Shenzhen Hifuture
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Saurer and Shenzhen is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Saurer Intelligent Technology and Shenzhen Hifuture Electric in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Hifuture 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 Shenzhen Hifuture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Hifuture has no effect on the direction of Saurer Intelligent i.e., Saurer Intelligent and Shenzhen Hifuture go up and down completely randomly.
Pair Corralation between Saurer Intelligent and Shenzhen Hifuture
Assuming the 90 days trading horizon Saurer Intelligent Technology is expected to under-perform the Shenzhen Hifuture. But the stock apears to be less risky and, when comparing its historical volatility, Saurer Intelligent Technology is 1.08 times less risky than Shenzhen Hifuture. The stock trades about -0.01 of its potential returns per unit of risk. The Shenzhen Hifuture Electric is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 408.00 in Shenzhen Hifuture Electric on September 3, 2024 and sell it today you would lose (126.00) from holding Shenzhen Hifuture Electric or give up 30.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Saurer Intelligent Technology vs. Shenzhen Hifuture Electric
Performance |
| Timeline |
| Saurer Intelligent |
| Shenzhen Hifuture |
Saurer Intelligent and Shenzhen Hifuture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Saurer Intelligent and Shenzhen Hifuture
The main advantage of trading using opposite Saurer Intelligent and Shenzhen Hifuture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saurer Intelligent position performs unexpectedly, Shenzhen Hifuture 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 Shenzhen Hifuture will offset losses from the drop in Shenzhen Hifuture's long position.| Saurer Intelligent vs. Cultural Investment Holdings | Saurer Intelligent vs. Gome Telecom Equipment | Saurer Intelligent vs. Bus Online Co | Saurer Intelligent vs. Holitech Technology Co |
| Shenzhen Hifuture vs. Wuhan Yangtze Communication | Shenzhen Hifuture vs. Holitech Technology Co | Shenzhen Hifuture vs. Shenzhen Kexin Communication | Shenzhen Hifuture vs. Saurer Intelligent Technology |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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