Correlation Between Shanghai Action and Sino Platinum
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By analyzing existing cross correlation between Shanghai Action Education and Sino Platinum Metals Co, you can compare the effects of market volatilities on Shanghai Action and Sino Platinum 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 Shanghai Action with a short position of Sino Platinum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Action and Sino Platinum.
Diversification Opportunities for Shanghai Action and Sino Platinum
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Shanghai and Sino is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Action Education and Sino Platinum Metals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sino Platinum Metals and Shanghai Action 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 Shanghai Action Education are associated (or correlated) with Sino Platinum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sino Platinum Metals has no effect on the direction of Shanghai Action i.e., Shanghai Action and Sino Platinum go up and down completely randomly.
Pair Corralation between Shanghai Action and Sino Platinum
Assuming the 90 days trading horizon Shanghai Action Education is expected to generate 1.55 times more return on investment than Sino Platinum. However, Shanghai Action is 1.55 times more volatile than Sino Platinum Metals Co. It trades about 0.04 of its potential returns per unit of risk. Sino Platinum Metals Co is currently generating about -0.01 per unit of risk. If you would invest 2,631 in Shanghai Action Education on October 11, 2024 and sell it today you would earn a total of 1,112 from holding Shanghai Action Education or generate 42.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Action Education vs. Sino Platinum Metals Co
Performance |
| Timeline |
| Shanghai Action Education |
| Sino Platinum Metals |
Shanghai Action and Sino Platinum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Action and Sino Platinum
The main advantage of trading using opposite Shanghai Action and Sino Platinum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Action position performs unexpectedly, Sino Platinum 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 Sino Platinum will offset losses from the drop in Sino Platinum's long position.| Shanghai Action vs. Eit Environmental Development | Shanghai Action vs. Cangzhou Mingzhu Plastic | Shanghai Action vs. GreenTech Environmental Co | Shanghai Action vs. Hangzhou Gaoxin Rubber |
| Sino Platinum vs. 360 Security Technology | Sino Platinum vs. Tianjin Capital Environmental | Sino Platinum vs. Changjiang Jinggong Steel | Sino Platinum vs. Smartgiant 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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