Correlation Between Hoshine Silicon and Sinofibers Technology
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By analyzing existing cross correlation between Hoshine Silicon Ind and Sinofibers Technology Co, you can compare the effects of market volatilities on Hoshine Silicon and Sinofibers Technology 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 Hoshine Silicon with a short position of Sinofibers Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hoshine Silicon and Sinofibers Technology.
Diversification Opportunities for Hoshine Silicon and Sinofibers Technology
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hoshine and Sinofibers is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Hoshine Silicon Ind and Sinofibers Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinofibers Technology and Hoshine Silicon 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 Hoshine Silicon Ind are associated (or correlated) with Sinofibers Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinofibers Technology has no effect on the direction of Hoshine Silicon i.e., Hoshine Silicon and Sinofibers Technology go up and down completely randomly.
Pair Corralation between Hoshine Silicon and Sinofibers Technology
Assuming the 90 days trading horizon Hoshine Silicon Ind is expected to generate 0.74 times more return on investment than Sinofibers Technology. However, Hoshine Silicon Ind is 1.34 times less risky than Sinofibers Technology. It trades about 0.06 of its potential returns per unit of risk. Sinofibers Technology Co is currently generating about 0.03 per unit of risk. If you would invest 4,930 in Hoshine Silicon Ind on September 3, 2024 and sell it today you would earn a total of 980.00 from holding Hoshine Silicon Ind or generate 19.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hoshine Silicon Ind vs. Sinofibers Technology Co
Performance |
| Timeline |
| Hoshine Silicon Ind |
| Sinofibers Technology |
Hoshine Silicon and Sinofibers Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hoshine Silicon and Sinofibers Technology
The main advantage of trading using opposite Hoshine Silicon and Sinofibers Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hoshine Silicon position performs unexpectedly, Sinofibers Technology 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 Sinofibers Technology will offset losses from the drop in Sinofibers Technology's long position.| Hoshine Silicon vs. Keda Clean Energy | Hoshine Silicon vs. China Aluminum International | Hoshine Silicon vs. Beijing Jiaman Dress | Hoshine Silicon vs. Dhc Software Co |
| Sinofibers Technology vs. Zijin Mining Group | Sinofibers Technology vs. Baoshan Iron Steel | Sinofibers Technology vs. Rongsheng Petrochemical Co | Sinofibers Technology vs. Hoshine Silicon Ind |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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