Correlation Between Cinda Securities and Soyea Technology
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By analyzing existing cross correlation between Cinda Securities Co and Soyea Technology Co, you can compare the effects of market volatilities on Cinda Securities and Soyea Technology 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 Cinda Securities with a short position of Soyea Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cinda Securities and Soyea Technology.
Diversification Opportunities for Cinda Securities and Soyea Technology
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Cinda and Soyea is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Cinda Securities Co and Soyea Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Soyea Technology and Cinda Securities 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 Cinda Securities Co are associated (or correlated) with Soyea Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Soyea Technology has no effect on the direction of Cinda Securities i.e., Cinda Securities and Soyea Technology go up and down completely randomly.
Pair Corralation between Cinda Securities and Soyea Technology
Assuming the 90 days trading horizon Cinda Securities Co is expected to under-perform the Soyea Technology. But the stock apears to be less risky and, when comparing its historical volatility, Cinda Securities Co is 1.07 times less risky than Soyea Technology. The stock trades about -0.01 of its potential returns per unit of risk. The Soyea Technology Co is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 639.00 in Soyea Technology Co on September 14, 2024 and sell it today you would earn a total of 19.00 from holding Soyea Technology Co or generate 2.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cinda Securities Co vs. Soyea Technology Co
Performance |
| Timeline |
| Cinda Securities |
| Soyea Technology |
Cinda Securities and Soyea Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cinda Securities and Soyea Technology
The main advantage of trading using opposite Cinda Securities and Soyea Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cinda Securities position performs unexpectedly, Soyea Technology 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 Soyea Technology will offset losses from the drop in Soyea Technology's long position.| Cinda Securities vs. Chison Medical Technologies | Cinda Securities vs. Eastern Air Logistics | Cinda Securities vs. Hangzhou Gisway Information | Cinda Securities vs. Air China Ltd |
| Soyea Technology vs. China Life Insurance | Soyea Technology vs. Cinda Securities Co | Soyea Technology vs. Piotech Inc A | Soyea Technology vs. Dongxing Sec Co |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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