Correlation Between 360 Security and Shanghai Yanpu
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By analyzing existing cross correlation between 360 Security Technology and Shanghai Yanpu Metal, you can compare the effects of market volatilities on 360 Security and Shanghai Yanpu 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 Yanpu. Check out your portfolio center. Please also check ongoing floating volatility patterns of 360 Security and Shanghai Yanpu.
Diversification Opportunities for 360 Security and Shanghai Yanpu
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 360 and Shanghai is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding 360 Security Technology and Shanghai Yanpu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Yanpu Metal 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 Yanpu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Yanpu Metal has no effect on the direction of 360 Security i.e., 360 Security and Shanghai Yanpu go up and down completely randomly.
Pair Corralation between 360 Security and Shanghai Yanpu
Assuming the 90 days trading horizon 360 Security Technology is expected to generate 2.03 times more return on investment than Shanghai Yanpu. However, 360 Security is 2.03 times more volatile than Shanghai Yanpu Metal. It trades about 0.26 of its potential returns per unit of risk. Shanghai Yanpu Metal is currently generating about 0.12 per unit of risk. If you would invest 967.00 in 360 Security Technology on September 1, 2024 and sell it today you would earn a total of 373.00 from holding 360 Security Technology or generate 38.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
360 Security Technology vs. Shanghai Yanpu Metal
Performance |
| Timeline |
| 360 Security Technology |
| Shanghai Yanpu Metal |
360 Security and Shanghai Yanpu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 360 Security and Shanghai Yanpu
The main advantage of trading using opposite 360 Security and Shanghai Yanpu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 360 Security position performs unexpectedly, Shanghai Yanpu 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 Yanpu will offset losses from the drop in Shanghai Yanpu's long position.| 360 Security vs. Shenzhen AV Display Co | 360 Security vs. Zhejiang Zhengguang Industrial | 360 Security vs. Huafa Industrial Co | 360 Security vs. Bosera CMSK Industrial |
| Shanghai Yanpu vs. BYD Co Ltd | Shanghai Yanpu vs. China Mobile Limited | Shanghai Yanpu vs. Agricultural Bank of | Shanghai Yanpu vs. Industrial and Commercial |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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