Correlation Between Piotech and Autek China
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By analyzing existing cross correlation between Piotech Inc A and Autek China, you can compare the effects of market volatilities on Piotech and Autek China 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 Piotech with a short position of Autek China. Check out your portfolio center. Please also check ongoing floating volatility patterns of Piotech and Autek China.
Diversification Opportunities for Piotech and Autek China
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Piotech and Autek is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Piotech Inc A and Autek China in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Autek China and Piotech 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 Piotech Inc A are associated (or correlated) with Autek China. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Autek China has no effect on the direction of Piotech i.e., Piotech and Autek China go up and down completely randomly.
Pair Corralation between Piotech and Autek China
Assuming the 90 days trading horizon Piotech Inc A is expected to generate 0.87 times more return on investment than Autek China. However, Piotech Inc A is 1.15 times less risky than Autek China. It trades about -0.18 of its potential returns per unit of risk. Autek China is currently generating about -0.17 per unit of risk. If you would invest 17,951 in Piotech Inc A on January 14, 2025 and sell it today you would lose (2,081) from holding Piotech Inc A or give up 11.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Piotech Inc A vs. Autek China
Performance |
| Timeline |
| Piotech Inc A |
| Autek China |
Piotech and Autek China Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Piotech and Autek China
The main advantage of trading using opposite Piotech and Autek China positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Piotech position performs unexpectedly, Autek China 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 Autek China will offset losses from the drop in Autek China's long position.| Piotech vs. Yuan Longping High tech | Piotech vs. Jahen Household Products | Piotech vs. Zhejiang Construction Investment | Piotech vs. Shaanxi Energy Investment |
| Autek China vs. TianJin 712 Communication | Autek China vs. Ningbo MedicalSystem Biotechnology | Autek China vs. Guangzhou Haige Communications | Autek China vs. Liaoning Chengda Biotechnology |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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