Correlation Between Hoshine Silicon and Epoxy Base
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By analyzing existing cross correlation between Hoshine Silicon Ind and Epoxy Base Electronic, you can compare the effects of market volatilities on Hoshine Silicon and Epoxy Base 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 Epoxy Base. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hoshine Silicon and Epoxy Base.
Diversification Opportunities for Hoshine Silicon and Epoxy Base
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hoshine and Epoxy is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Hoshine Silicon Ind and Epoxy Base Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Epoxy Base Electronic 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 Epoxy Base. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Epoxy Base Electronic has no effect on the direction of Hoshine Silicon i.e., Hoshine Silicon and Epoxy Base go up and down completely randomly.
Pair Corralation between Hoshine Silicon and Epoxy Base
Assuming the 90 days trading horizon Hoshine Silicon is expected to generate 3.79 times less return on investment than Epoxy Base. But when comparing it to its historical volatility, Hoshine Silicon Ind is 2.02 times less risky than Epoxy Base. It trades about 0.1 of its potential returns per unit of risk. Epoxy Base Electronic is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 517.00 in Epoxy Base Electronic on September 2, 2024 and sell it today you would earn a total of 68.00 from holding Epoxy Base Electronic or generate 13.15% 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. Epoxy Base Electronic
Performance |
| Timeline |
| Hoshine Silicon Ind |
| Epoxy Base Electronic |
Hoshine Silicon and Epoxy Base Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hoshine Silicon and Epoxy Base
The main advantage of trading using opposite Hoshine Silicon and Epoxy Base positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hoshine Silicon position performs unexpectedly, Epoxy Base 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 Epoxy Base will offset losses from the drop in Epoxy Base's long position.| Hoshine Silicon vs. Mingchen Health Co | Hoshine Silicon vs. Dezhan HealthCare Co | Hoshine Silicon vs. Andon Health Co | Hoshine Silicon vs. Guangdong Shenglu Telecommunication |
| Epoxy Base vs. Zijin Mining Group | Epoxy Base vs. Wanhua Chemical Group | Epoxy Base vs. Baoshan Iron Steel | Epoxy Base vs. Shandong Gold Mining |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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