Correlation Between 360 Security and Shanghai Shuixing
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By analyzing existing cross correlation between 360 Security Technology and Shanghai Shuixing Home, you can compare the effects of market volatilities on 360 Security and Shanghai Shuixing 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 Shanghai Shuixing. Check out your portfolio center. Please also check ongoing floating volatility patterns of 360 Security and Shanghai Shuixing.
Diversification Opportunities for 360 Security and Shanghai Shuixing
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 360 and Shanghai is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding 360 Security Technology and Shanghai Shuixing Home in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Shuixing Home 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 Shanghai Shuixing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Shuixing Home has no effect on the direction of 360 Security i.e., 360 Security and Shanghai Shuixing go up and down completely randomly.
Pair Corralation between 360 Security and Shanghai Shuixing
Assuming the 90 days trading horizon 360 Security Technology is expected to generate 1.68 times more return on investment than Shanghai Shuixing. However, 360 Security is 1.68 times more volatile than Shanghai Shuixing Home. It trades about 0.04 of its potential returns per unit of risk. Shanghai Shuixing Home is currently generating about 0.03 per unit of risk. If you would invest 711.00 in 360 Security Technology on October 16, 2024 and sell it today you would earn a total of 248.00 from holding 360 Security Technology or generate 34.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
360 Security Technology vs. Shanghai Shuixing Home
Performance |
| Timeline |
| 360 Security Technology |
| Shanghai Shuixing Home |
360 Security and Shanghai Shuixing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 360 Security and Shanghai Shuixing
The main advantage of trading using opposite 360 Security and Shanghai Shuixing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 360 Security position performs unexpectedly, Shanghai Shuixing 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 Shanghai Shuixing will offset losses from the drop in Shanghai Shuixing's long position.| 360 Security vs. Yunnan Jianzhijia Health Chain | 360 Security vs. Lotus Health Group | 360 Security vs. Everjoy Health Group | 360 Security vs. Shandong Sinoglory Health |
| Shanghai Shuixing vs. Henan Shuanghui Investment | Shanghai Shuixing vs. Tianshui Huatian Technology | Shanghai Shuixing vs. 360 Security Technology | Shanghai Shuixing vs. Luyin Investment Group |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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