Correlation Between Shanghai Sanyou and Shanghai Yaoji
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By analyzing existing cross correlation between Shanghai Sanyou Medical and Shanghai Yaoji Playing, you can compare the effects of market volatilities on Shanghai Sanyou and Shanghai Yaoji 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 Sanyou with a short position of Shanghai Yaoji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Sanyou and Shanghai Yaoji.
Diversification Opportunities for Shanghai Sanyou and Shanghai Yaoji
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shanghai and Shanghai is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Sanyou Medical and Shanghai Yaoji Playing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Yaoji Playing and Shanghai Sanyou 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 Sanyou Medical are associated (or correlated) with Shanghai Yaoji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Yaoji Playing has no effect on the direction of Shanghai Sanyou i.e., Shanghai Sanyou and Shanghai Yaoji go up and down completely randomly.
Pair Corralation between Shanghai Sanyou and Shanghai Yaoji
Assuming the 90 days trading horizon Shanghai Sanyou Medical is expected to generate 0.82 times more return on investment than Shanghai Yaoji. However, Shanghai Sanyou Medical is 1.22 times less risky than Shanghai Yaoji. It trades about -0.08 of its potential returns per unit of risk. Shanghai Yaoji Playing is currently generating about -0.06 per unit of risk. If you would invest 2,106 in Shanghai Sanyou Medical on October 30, 2024 and sell it today you would lose (234.00) from holding Shanghai Sanyou Medical or give up 11.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Sanyou Medical vs. Shanghai Yaoji Playing
Performance |
| Timeline |
| Shanghai Sanyou Medical |
| Shanghai Yaoji Playing |
Shanghai Sanyou and Shanghai Yaoji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Sanyou and Shanghai Yaoji
The main advantage of trading using opposite Shanghai Sanyou and Shanghai Yaoji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Sanyou position performs unexpectedly, Shanghai Yaoji 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 Shanghai Yaoji will offset losses from the drop in Shanghai Yaoji's long position.| Shanghai Sanyou vs. Agricultural Bank of | Shanghai Sanyou vs. Industrial and Commercial | Shanghai Sanyou vs. Bank of China | Shanghai Sanyou vs. China Construction Bank |
| Shanghai Yaoji vs. Orinko Advanced Plastics | Shanghai Yaoji vs. Malion New Materials | Shanghai Yaoji vs. Lootom Telcovideo Network | Shanghai Yaoji vs. Shanghai Phichem Material |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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