Correlation Between Shandong Sinoglory and Marssenger Kitchenware
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shandong Sinoglory Health and Marssenger Kitchenware Co, you can compare the effects of market volatilities on Shandong Sinoglory and Marssenger Kitchenware 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 Shandong Sinoglory with a short position of Marssenger Kitchenware. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Sinoglory and Marssenger Kitchenware.
Diversification Opportunities for Shandong Sinoglory and Marssenger Kitchenware
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shandong and Marssenger is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Sinoglory Health and Marssenger Kitchenware Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marssenger Kitchenware and Shandong Sinoglory 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 Shandong Sinoglory Health are associated (or correlated) with Marssenger Kitchenware. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marssenger Kitchenware has no effect on the direction of Shandong Sinoglory i.e., Shandong Sinoglory and Marssenger Kitchenware go up and down completely randomly.
Pair Corralation between Shandong Sinoglory and Marssenger Kitchenware
Assuming the 90 days trading horizon Shandong Sinoglory Health is expected to generate 0.34 times more return on investment than Marssenger Kitchenware. However, Shandong Sinoglory Health is 2.9 times less risky than Marssenger Kitchenware. It trades about 0.06 of its potential returns per unit of risk. Marssenger Kitchenware Co is currently generating about 0.01 per unit of risk. If you would invest 1,167 in Shandong Sinoglory Health on October 29, 2024 and sell it today you would earn a total of 21.00 from holding Shandong Sinoglory Health or generate 1.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Sinoglory Health vs. Marssenger Kitchenware Co
Performance |
| Timeline |
| Shandong Sinoglory Health |
| Marssenger Kitchenware |
Shandong Sinoglory and Marssenger Kitchenware Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Sinoglory and Marssenger Kitchenware
The main advantage of trading using opposite Shandong Sinoglory and Marssenger Kitchenware positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Sinoglory position performs unexpectedly, Marssenger Kitchenware 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 Marssenger Kitchenware will offset losses from the drop in Marssenger Kitchenware's long position.| Shandong Sinoglory vs. Jiangxi Naipu Mining | Shandong Sinoglory vs. Zijin Mining Group | Shandong Sinoglory vs. Tibet Huayu Mining | Shandong Sinoglory vs. Xiangpiaopiao Food Co |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Commodity Directory Find actively traded commodities issued by global exchanges |