Correlation Between Postal Savings and Shandong Sinoglory
Specify exactly 2 symbols:
By analyzing existing cross correlation between Postal Savings Bank and Shandong Sinoglory Health, you can compare the effects of market volatilities on Postal Savings and Shandong Sinoglory 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 Postal Savings with a short position of Shandong Sinoglory. Check out your portfolio center. Please also check ongoing floating volatility patterns of Postal Savings and Shandong Sinoglory.
Diversification Opportunities for Postal Savings and Shandong Sinoglory
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Postal and Shandong is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Postal Savings Bank and Shandong Sinoglory Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Sinoglory Health and Postal Savings 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 Postal Savings Bank are associated (or correlated) with Shandong Sinoglory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Sinoglory Health has no effect on the direction of Postal Savings i.e., Postal Savings and Shandong Sinoglory go up and down completely randomly.
Pair Corralation between Postal Savings and Shandong Sinoglory
Assuming the 90 days trading horizon Postal Savings is expected to generate 6.32 times less return on investment than Shandong Sinoglory. But when comparing it to its historical volatility, Postal Savings Bank is 1.24 times less risky than Shandong Sinoglory. It trades about 0.07 of its potential returns per unit of risk. Shandong Sinoglory Health is currently generating about 0.33 of returns per unit of risk over similar time horizon. If you would invest 1,097 in Shandong Sinoglory Health on November 4, 2024 and sell it today you would earn a total of 101.00 from holding Shandong Sinoglory Health or generate 9.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Postal Savings Bank vs. Shandong Sinoglory Health
Performance |
| Timeline |
| Postal Savings Bank |
| Shandong Sinoglory Health |
Postal Savings and Shandong Sinoglory Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Postal Savings and Shandong Sinoglory
The main advantage of trading using opposite Postal Savings and Shandong Sinoglory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Postal Savings position performs unexpectedly, Shandong Sinoglory 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 Shandong Sinoglory will offset losses from the drop in Shandong Sinoglory's long position.| Postal Savings vs. Hangzhou Pinming Software | Postal Savings vs. Luyin Investment Group | Postal Savings vs. Nuode Investment Co | Postal Savings vs. China Asset Management |
| Shandong Sinoglory vs. Omnijoi Media Corp | Shandong Sinoglory vs. Iat Automobile Technology | Shandong Sinoglory vs. Jahen Household Products | Shandong Sinoglory vs. Threes Company Media |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |