Correlation Between Industrial and Sungrow Power
Specify exactly 2 symbols:
By analyzing existing cross correlation between Industrial and Commercial and Sungrow Power Supply, you can compare the effects of market volatilities on Industrial and Sungrow Power 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 Industrial with a short position of Sungrow Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of Industrial and Sungrow Power.
Diversification Opportunities for Industrial and Sungrow Power
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Industrial and Sungrow is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Industrial and Commercial and Sungrow Power Supply in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sungrow Power Supply and Industrial 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 Industrial and Commercial are associated (or correlated) with Sungrow Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sungrow Power Supply has no effect on the direction of Industrial i.e., Industrial and Sungrow Power go up and down completely randomly.
Pair Corralation between Industrial and Sungrow Power
Assuming the 90 days trading horizon Industrial and Commercial is expected to generate 0.38 times more return on investment than Sungrow Power. However, Industrial and Commercial is 2.61 times less risky than Sungrow Power. It trades about 0.09 of its potential returns per unit of risk. Sungrow Power Supply is currently generating about 0.02 per unit of risk. If you would invest 399.00 in Industrial and Commercial on September 14, 2024 and sell it today you would earn a total of 243.00 from holding Industrial and Commercial or generate 60.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Industrial and Commercial vs. Sungrow Power Supply
Performance |
| Timeline |
| Industrial and Commercial |
| Sungrow Power Supply |
Industrial and Sungrow Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Industrial and Sungrow Power
The main advantage of trading using opposite Industrial and Sungrow Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Industrial position performs unexpectedly, Sungrow Power 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 Sungrow Power will offset losses from the drop in Sungrow Power's long position.| Industrial vs. Allmed Medical Products | Industrial vs. Blue Sail Medical | Industrial vs. Yingde Greatchem Chemicals | Industrial vs. Zhongzhu Medical Holdings |
| Sungrow Power vs. Industrial and Commercial | Sungrow Power vs. Agricultural Bank of | Sungrow Power vs. China Construction Bank | Sungrow Power vs. Bank of China |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |