Correlation Between StarPower Semiconductor and Beijing Kaiwen
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By analyzing existing cross correlation between StarPower Semiconductor and Beijing Kaiwen Education, you can compare the effects of market volatilities on StarPower Semiconductor and Beijing Kaiwen 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 StarPower Semiconductor with a short position of Beijing Kaiwen. Check out your portfolio center. Please also check ongoing floating volatility patterns of StarPower Semiconductor and Beijing Kaiwen.
Diversification Opportunities for StarPower Semiconductor and Beijing Kaiwen
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between StarPower and Beijing is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding StarPower Semiconductor and Beijing Kaiwen Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kaiwen Education and StarPower Semiconductor 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 StarPower Semiconductor are associated (or correlated) with Beijing Kaiwen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kaiwen Education has no effect on the direction of StarPower Semiconductor i.e., StarPower Semiconductor and Beijing Kaiwen go up and down completely randomly.
Pair Corralation between StarPower Semiconductor and Beijing Kaiwen
Assuming the 90 days trading horizon StarPower Semiconductor is expected to under-perform the Beijing Kaiwen. In addition to that, StarPower Semiconductor is 1.02 times more volatile than Beijing Kaiwen Education. It trades about -0.04 of its total potential returns per unit of risk. Beijing Kaiwen Education is currently generating about 0.03 per unit of volatility. If you would invest 472.00 in Beijing Kaiwen Education on September 3, 2024 and sell it today you would earn a total of 62.00 from holding Beijing Kaiwen Education or generate 13.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
StarPower Semiconductor vs. Beijing Kaiwen Education
Performance |
| Timeline |
| StarPower Semiconductor |
| Beijing Kaiwen Education |
StarPower Semiconductor and Beijing Kaiwen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with StarPower Semiconductor and Beijing Kaiwen
The main advantage of trading using opposite StarPower Semiconductor and Beijing Kaiwen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if StarPower Semiconductor position performs unexpectedly, Beijing Kaiwen 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 Beijing Kaiwen will offset losses from the drop in Beijing Kaiwen's long position.| StarPower Semiconductor vs. Agricultural Bank of | StarPower Semiconductor vs. China Construction Bank | StarPower Semiconductor vs. Postal Savings Bank | StarPower Semiconductor vs. Bank of Communications |
| Beijing Kaiwen vs. Cultural Investment Holdings | Beijing Kaiwen vs. Gome Telecom Equipment | Beijing Kaiwen vs. Bus Online Co | Beijing Kaiwen vs. Holitech Technology 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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