Correlation Between Cinda Securities and Sunny Loan
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By analyzing existing cross correlation between Cinda Securities Co and Sunny Loan Top, you can compare the effects of market volatilities on Cinda Securities and Sunny Loan 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 Sunny Loan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cinda Securities and Sunny Loan.
Diversification Opportunities for Cinda Securities and Sunny Loan
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Cinda and Sunny is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Cinda Securities Co and Sunny Loan Top in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sunny Loan Top 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 Sunny Loan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sunny Loan Top has no effect on the direction of Cinda Securities i.e., Cinda Securities and Sunny Loan go up and down completely randomly.
Pair Corralation between Cinda Securities and Sunny Loan
Assuming the 90 days trading horizon Cinda Securities Co is expected to generate 1.03 times more return on investment than Sunny Loan. However, Cinda Securities is 1.03 times more volatile than Sunny Loan Top. It trades about 0.04 of its potential returns per unit of risk. Sunny Loan Top is currently generating about -0.04 per unit of risk. If you would invest 1,494 in Cinda Securities Co on September 2, 2024 and sell it today you would earn a total of 25.00 from holding Cinda Securities Co or generate 1.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cinda Securities Co vs. Sunny Loan Top
Performance |
| Timeline |
| Cinda Securities |
| Sunny Loan Top |
Cinda Securities and Sunny Loan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cinda Securities and Sunny Loan
The main advantage of trading using opposite Cinda Securities and Sunny Loan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cinda Securities position performs unexpectedly, Sunny Loan 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 Sunny Loan will offset losses from the drop in Sunny Loan's long position.| Cinda Securities vs. BeiGene | Cinda Securities vs. Kweichow Moutai Co | Cinda Securities vs. Beijing Roborock Technology | Cinda Securities vs. G bits Network Technology |
| Sunny Loan vs. Ping An Insurance | Sunny Loan vs. GRG Banking Equipment | Sunny Loan vs. Guosheng Financial Holding | Sunny Loan vs. Qilu Bank 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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