Correlation Between Shenzhen Transsion and Beijing Roborock
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shenzhen Transsion Holdings and Beijing Roborock Technology, you can compare the effects of market volatilities on Shenzhen Transsion and Beijing Roborock 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 Shenzhen Transsion with a short position of Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Transsion and Beijing Roborock.
Diversification Opportunities for Shenzhen Transsion and Beijing Roborock
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shenzhen and Beijing is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Transsion Holdings and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec and Shenzhen Transsion 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 Shenzhen Transsion Holdings are associated (or correlated) with Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Shenzhen Transsion i.e., Shenzhen Transsion and Beijing Roborock go up and down completely randomly.
Pair Corralation between Shenzhen Transsion and Beijing Roborock
Assuming the 90 days trading horizon Shenzhen Transsion Holdings is expected to generate 1.05 times more return on investment than Beijing Roborock. However, Shenzhen Transsion is 1.05 times more volatile than Beijing Roborock Technology. It trades about 0.02 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about 0.02 per unit of risk. If you would invest 8,079 in Shenzhen Transsion Holdings on August 25, 2024 and sell it today you would earn a total of 739.00 from holding Shenzhen Transsion Holdings or generate 9.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Transsion Holdings vs. Beijing Roborock Technology
Performance |
| Timeline |
| Shenzhen Transsion |
| Beijing Roborock Tec |
Shenzhen Transsion and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Transsion and Beijing Roborock
The main advantage of trading using opposite Shenzhen Transsion and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Transsion position performs unexpectedly, Beijing Roborock 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 Roborock will offset losses from the drop in Beijing Roborock's long position.| Shenzhen Transsion vs. Guangzhou Automobile Group | Shenzhen Transsion vs. Huasi Agricultural Development | Shenzhen Transsion vs. Sinomach General Machinery | Shenzhen Transsion vs. Lutian Machinery Co |
| Beijing Roborock vs. Dezhan HealthCare Co | Beijing Roborock vs. Holitech Technology Co | Beijing Roborock vs. Hangzhou Coco Healthcare | Beijing Roborock vs. PKU HealthCare Corp |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |