Correlation Between Guangdong Ellington and Thinkon Semiconductor
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By analyzing existing cross correlation between Guangdong Ellington Electronics and Thinkon Semiconductor Jinzhou, you can compare the effects of market volatilities on Guangdong Ellington and Thinkon Semiconductor 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 Guangdong Ellington with a short position of Thinkon Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Ellington and Thinkon Semiconductor.
Diversification Opportunities for Guangdong Ellington and Thinkon Semiconductor
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Guangdong and Thinkon is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Ellington Electronic and Thinkon Semiconductor Jinzhou in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkon Semiconductor and Guangdong Ellington 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 Guangdong Ellington Electronics are associated (or correlated) with Thinkon Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkon Semiconductor has no effect on the direction of Guangdong Ellington i.e., Guangdong Ellington and Thinkon Semiconductor go up and down completely randomly.
Pair Corralation between Guangdong Ellington and Thinkon Semiconductor
Assuming the 90 days trading horizon Guangdong Ellington Electronics is expected to generate 1.43 times more return on investment than Thinkon Semiconductor. However, Guangdong Ellington is 1.43 times more volatile than Thinkon Semiconductor Jinzhou. It trades about 0.3 of its potential returns per unit of risk. Thinkon Semiconductor Jinzhou is currently generating about 0.2 per unit of risk. If you would invest 880.00 in Guangdong Ellington Electronics on November 4, 2024 and sell it today you would earn a total of 136.00 from holding Guangdong Ellington Electronics or generate 15.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Ellington Electronic vs. Thinkon Semiconductor Jinzhou
Performance |
| Timeline |
| Guangdong Ellington |
| Thinkon Semiconductor |
Guangdong Ellington and Thinkon Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Ellington and Thinkon Semiconductor
The main advantage of trading using opposite Guangdong Ellington and Thinkon Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Ellington position performs unexpectedly, Thinkon Semiconductor 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 Thinkon Semiconductor will offset losses from the drop in Thinkon Semiconductor's long position.| Guangdong Ellington vs. Peoples Insurance of | Guangdong Ellington vs. HeNan Splendor Science | Guangdong Ellington vs. Dhc Software Co | Guangdong Ellington vs. Agricultural Bank of |
| Thinkon Semiconductor vs. Chahua Modern Housewares | Thinkon Semiconductor vs. Sportsoul Co Ltd | Thinkon Semiconductor vs. China Sports Industry | Thinkon Semiconductor vs. Guangzhou Haige Communications |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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