Correlation Between Symtek Automation and Sinopac ICE
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By analyzing existing cross correlation between Symtek Automation Asia and Sinopac ICE 10, you can compare the effects of market volatilities on Symtek Automation and Sinopac ICE 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 Symtek Automation with a short position of Sinopac ICE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Symtek Automation and Sinopac ICE.
Diversification Opportunities for Symtek Automation and Sinopac ICE
-0.83 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Symtek and Sinopac is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding Symtek Automation Asia and Sinopac ICE 10 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinopac ICE 10 and Symtek Automation 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 Symtek Automation Asia are associated (or correlated) with Sinopac ICE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinopac ICE 10 has no effect on the direction of Symtek Automation i.e., Symtek Automation and Sinopac ICE go up and down completely randomly.
Pair Corralation between Symtek Automation and Sinopac ICE
Assuming the 90 days trading horizon Symtek Automation Asia is expected to generate 6.41 times more return on investment than Sinopac ICE. However, Symtek Automation is 6.41 times more volatile than Sinopac ICE 10. It trades about 0.06 of its potential returns per unit of risk. Sinopac ICE 10 is currently generating about 0.39 per unit of risk. If you would invest 19,900 in Symtek Automation Asia on September 5, 2024 and sell it today you would earn a total of 800.00 from holding Symtek Automation Asia or generate 4.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Symtek Automation Asia vs. Sinopac ICE 10
Performance |
| Timeline |
| Symtek Automation Asia |
| Sinopac ICE 10 |
Symtek Automation and Sinopac ICE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Symtek Automation and Sinopac ICE
The main advantage of trading using opposite Symtek Automation and Sinopac ICE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Symtek Automation position performs unexpectedly, Sinopac ICE 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 Sinopac ICE will offset losses from the drop in Sinopac ICE's long position.| Symtek Automation vs. WiseChip Semiconductor | Symtek Automation vs. Novatek Microelectronics Corp | Symtek Automation vs. Leader Electronics | Symtek Automation vs. Information Technology Total |
| Sinopac ICE vs. Ruentex Development Co | Sinopac ICE vs. Symtek Automation Asia | Sinopac ICE vs. CTCI Corp | Sinopac ICE vs. Information Technology Total |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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