Correlation Between Hoshine Silicon and Western Superconducting
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By analyzing existing cross correlation between Hoshine Silicon Ind and Western Superconducting Tech, you can compare the effects of market volatilities on Hoshine Silicon and Western Superconducting 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 Western Superconducting. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hoshine Silicon and Western Superconducting.
Diversification Opportunities for Hoshine Silicon and Western Superconducting
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Hoshine and Western is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Hoshine Silicon Ind and Western Superconducting Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Western Superconducting 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 Western Superconducting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Western Superconducting has no effect on the direction of Hoshine Silicon i.e., Hoshine Silicon and Western Superconducting go up and down completely randomly.
Pair Corralation between Hoshine Silicon and Western Superconducting
Assuming the 90 days trading horizon Hoshine Silicon Ind is expected to generate 0.85 times more return on investment than Western Superconducting. However, Hoshine Silicon Ind is 1.18 times less risky than Western Superconducting. It trades about -0.01 of its potential returns per unit of risk. Western Superconducting Tech is currently generating about -0.01 per unit of risk. If you would invest 6,999 in Hoshine Silicon Ind on August 31, 2024 and sell it today you would lose (1,089) from holding Hoshine Silicon Ind or give up 15.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hoshine Silicon Ind vs. Western Superconducting Tech
Performance |
| Timeline |
| Hoshine Silicon Ind |
| Western Superconducting |
Hoshine Silicon and Western Superconducting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hoshine Silicon and Western Superconducting
The main advantage of trading using opposite Hoshine Silicon and Western Superconducting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hoshine Silicon position performs unexpectedly, Western Superconducting 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 Western Superconducting will offset losses from the drop in Western Superconducting's long position.| Hoshine Silicon vs. ROPEOK Technology Group | Hoshine Silicon vs. Maxvision Technology Corp | Hoshine Silicon vs. Soyea Technology Co | Hoshine Silicon vs. Holitech Technology Co |
| Western Superconducting vs. Spring Airlines Co | Western Superconducting vs. Guocheng Mining Co | Western Superconducting vs. Uroica Mining Safety | Western Superconducting vs. Dalian Thermal Power |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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