Correlation Between Hygon Information and Shenzhen SDG
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By analyzing existing cross correlation between Hygon Information Technology and Shenzhen SDG Information, you can compare the effects of market volatilities on Hygon Information and Shenzhen SDG 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 Hygon Information with a short position of Shenzhen SDG. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hygon Information and Shenzhen SDG.
Diversification Opportunities for Hygon Information and Shenzhen SDG
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Hygon and Shenzhen is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Hygon Information Technology and Shenzhen SDG Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen SDG Information and Hygon Information 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 Hygon Information Technology are associated (or correlated) with Shenzhen SDG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen SDG Information has no effect on the direction of Hygon Information i.e., Hygon Information and Shenzhen SDG go up and down completely randomly.
Pair Corralation between Hygon Information and Shenzhen SDG
Assuming the 90 days trading horizon Hygon Information Technology is expected to generate 1.07 times more return on investment than Shenzhen SDG. However, Hygon Information is 1.07 times more volatile than Shenzhen SDG Information. It trades about 0.08 of its potential returns per unit of risk. Shenzhen SDG Information is currently generating about 0.0 per unit of risk. If you would invest 4,411 in Hygon Information Technology on October 16, 2024 and sell it today you would earn a total of 9,929 from holding Hygon Information Technology or generate 225.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hygon Information Technology vs. Shenzhen SDG Information
Performance |
| Timeline |
| Hygon Information |
| Shenzhen SDG Information |
Hygon Information and Shenzhen SDG Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hygon Information and Shenzhen SDG
The main advantage of trading using opposite Hygon Information and Shenzhen SDG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hygon Information position performs unexpectedly, Shenzhen SDG 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 Shenzhen SDG will offset losses from the drop in Shenzhen SDG's long position.| Hygon Information vs. Songz Automobile Air | Hygon Information vs. Rising Nonferrous Metals | Hygon Information vs. Anhui Jianghuai Automobile | Hygon Information vs. Telling Telecommunication Holding |
| Shenzhen SDG vs. 360 Security Technology | Shenzhen SDG vs. Xiandai Investment Co | Shenzhen SDG vs. Zhongrun Resources Investment | Shenzhen SDG vs. Kingsignal 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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