Correlation Between StarPower Semiconductor and Xinke Material
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By analyzing existing cross correlation between StarPower Semiconductor and Xinke Material, you can compare the effects of market volatilities on StarPower Semiconductor and Xinke Material 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 Xinke Material. Check out your portfolio center. Please also check ongoing floating volatility patterns of StarPower Semiconductor and Xinke Material.
Diversification Opportunities for StarPower Semiconductor and Xinke Material
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between StarPower and Xinke is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding StarPower Semiconductor and Xinke Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinke Material 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 Xinke Material. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinke Material has no effect on the direction of StarPower Semiconductor i.e., StarPower Semiconductor and Xinke Material go up and down completely randomly.
Pair Corralation between StarPower Semiconductor and Xinke Material
Assuming the 90 days trading horizon StarPower Semiconductor is expected to generate 0.86 times more return on investment than Xinke Material. However, StarPower Semiconductor is 1.17 times less risky than Xinke Material. It trades about 0.08 of its potential returns per unit of risk. Xinke Material is currently generating about -0.01 per unit of risk. If you would invest 8,824 in StarPower Semiconductor on December 8, 2024 and sell it today you would earn a total of 361.00 from holding StarPower Semiconductor or generate 4.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
StarPower Semiconductor vs. Xinke Material
Performance |
| Timeline |
| StarPower Semiconductor |
| Xinke Material |
StarPower Semiconductor and Xinke Material Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with StarPower Semiconductor and Xinke Material
The main advantage of trading using opposite StarPower Semiconductor and Xinke Material positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if StarPower Semiconductor position performs unexpectedly, Xinke Material 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 Xinke Material will offset losses from the drop in Xinke Material's long position.| StarPower Semiconductor vs. Youyou Foods Co | ||
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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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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