Correlation Between Sunny Loan and Shenzhen Clou
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sunny Loan Top and Shenzhen Clou Electronics, you can compare the effects of market volatilities on Sunny Loan and Shenzhen Clou 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 Sunny Loan with a short position of Shenzhen Clou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sunny Loan and Shenzhen Clou.
Diversification Opportunities for Sunny Loan and Shenzhen Clou
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Sunny and Shenzhen is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Sunny Loan Top and Shenzhen Clou Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Clou Electronics and Sunny Loan 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 Sunny Loan Top are associated (or correlated) with Shenzhen Clou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Clou Electronics has no effect on the direction of Sunny Loan i.e., Sunny Loan and Shenzhen Clou go up and down completely randomly.
Pair Corralation between Sunny Loan and Shenzhen Clou
Assuming the 90 days trading horizon Sunny Loan Top is expected to generate 1.18 times more return on investment than Shenzhen Clou. However, Sunny Loan is 1.18 times more volatile than Shenzhen Clou Electronics. It trades about 0.04 of its potential returns per unit of risk. Shenzhen Clou Electronics is currently generating about -0.07 per unit of risk. If you would invest 650.00 in Sunny Loan Top on October 12, 2024 and sell it today you would earn a total of 220.00 from holding Sunny Loan Top or generate 33.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sunny Loan Top vs. Shenzhen Clou Electronics
Performance |
| Timeline |
| Sunny Loan Top |
| Shenzhen Clou Electronics |
Sunny Loan and Shenzhen Clou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sunny Loan and Shenzhen Clou
The main advantage of trading using opposite Sunny Loan and Shenzhen Clou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sunny Loan position performs unexpectedly, Shenzhen Clou 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 Clou will offset losses from the drop in Shenzhen Clou's long position.| Sunny Loan vs. Chengdu Spaceon Electronics | Sunny Loan vs. Winner Medical Co | Sunny Loan vs. Eyebright Medical Technology | Sunny Loan vs. Sanbo Hospital Management |
| Shenzhen Clou vs. Sunny Loan Top | Shenzhen Clou vs. Juneyao Airlines | Shenzhen Clou vs. Ningbo MedicalSystem Biotechnology | Shenzhen Clou vs. Beijing Jiaman Dress |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |