Correlation Between 360 Security and Shengtak New
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By analyzing existing cross correlation between 360 Security Technology and Shengtak New Material, you can compare the effects of market volatilities on 360 Security and Shengtak New 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 360 Security with a short position of Shengtak New. Check out your portfolio center. Please also check ongoing floating volatility patterns of 360 Security and Shengtak New.
Diversification Opportunities for 360 Security and Shengtak New
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between 360 and Shengtak is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding 360 Security Technology and Shengtak New Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shengtak New Material and 360 Security 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 360 Security Technology are associated (or correlated) with Shengtak New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shengtak New Material has no effect on the direction of 360 Security i.e., 360 Security and Shengtak New go up and down completely randomly.
Pair Corralation between 360 Security and Shengtak New
Assuming the 90 days trading horizon 360 Security Technology is expected to generate 0.99 times more return on investment than Shengtak New. However, 360 Security Technology is 1.01 times less risky than Shengtak New. It trades about 0.08 of its potential returns per unit of risk. Shengtak New Material is currently generating about 0.07 per unit of risk. If you would invest 758.00 in 360 Security Technology on October 18, 2024 and sell it today you would earn a total of 264.00 from holding 360 Security Technology or generate 34.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
360 Security Technology vs. Shengtak New Material
Performance |
| Timeline |
| 360 Security Technology |
| Shengtak New Material |
360 Security and Shengtak New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 360 Security and Shengtak New
The main advantage of trading using opposite 360 Security and Shengtak New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 360 Security position performs unexpectedly, Shengtak New 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 Shengtak New will offset losses from the drop in Shengtak New's long position.| 360 Security vs. Agricultural Bank of | 360 Security vs. Industrial and Commercial | 360 Security vs. Bank of China | 360 Security vs. PetroChina Co Ltd |
| Shengtak New vs. Changjiang Jinggong Steel | Shengtak New vs. 360 Security Technology | Shengtak New vs. Keeson Technology Corp | Shengtak New vs. Maxvision Technology Corp |
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 Positions Ratings module to 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.
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