Correlation Between Saurer Intelligent and China Express
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By analyzing existing cross correlation between Saurer Intelligent Technology and China Express Airlines, you can compare the effects of market volatilities on Saurer Intelligent and China Express 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 China Express. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saurer Intelligent and China Express.
Diversification Opportunities for Saurer Intelligent and China Express
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Saurer and China is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Saurer Intelligent Technology and China Express Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Express Airlines 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 China Express. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Express Airlines has no effect on the direction of Saurer Intelligent i.e., Saurer Intelligent and China Express go up and down completely randomly.
Pair Corralation between Saurer Intelligent and China Express
Assuming the 90 days trading horizon Saurer Intelligent Technology is expected to generate 1.23 times more return on investment than China Express. However, Saurer Intelligent is 1.23 times more volatile than China Express Airlines. It trades about 0.25 of its potential returns per unit of risk. China Express Airlines is currently generating about 0.22 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. China Express Airlines
Performance |
| Timeline |
| Saurer Intelligent |
| China Express Airlines |
Saurer Intelligent and China Express Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Saurer Intelligent and China Express
The main advantage of trading using opposite Saurer Intelligent and China Express positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saurer Intelligent position performs unexpectedly, China Express 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 China Express will offset losses from the drop in China Express' 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 |
| China Express vs. DO Home Collection | China Express vs. TongFu Microelectronics Co | China Express vs. Shandong Homey Aquatic | China Express vs. Zoy Home Furnishing |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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