Correlation Between Shanghai Sanyou and Elite Color
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By analyzing existing cross correlation between Shanghai Sanyou Medical and Elite Color Environmental, you can compare the effects of market volatilities on Shanghai Sanyou and Elite Color 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 Elite Color. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Sanyou and Elite Color.
Diversification Opportunities for Shanghai Sanyou and Elite Color
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shanghai and Elite is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Sanyou Medical and Elite Color Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elite Color Environmental 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 Elite Color. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elite Color Environmental has no effect on the direction of Shanghai Sanyou i.e., Shanghai Sanyou and Elite Color go up and down completely randomly.
Pair Corralation between Shanghai Sanyou and Elite Color
Assuming the 90 days trading horizon Shanghai Sanyou Medical is expected to generate 1.08 times more return on investment than Elite Color. However, Shanghai Sanyou is 1.08 times more volatile than Elite Color Environmental. It trades about 0.05 of its potential returns per unit of risk. Elite Color Environmental is currently generating about 0.0 per unit of risk. If you would invest 1,587 in Shanghai Sanyou Medical on October 20, 2024 and sell it today you would earn a total of 435.00 from holding Shanghai Sanyou Medical or generate 27.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Sanyou Medical vs. Elite Color Environmental
Performance |
| Timeline |
| Shanghai Sanyou Medical |
| Elite Color Environmental |
Shanghai Sanyou and Elite Color Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Sanyou and Elite Color
The main advantage of trading using opposite Shanghai Sanyou and Elite Color positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Sanyou position performs unexpectedly, Elite Color 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 Elite Color will offset losses from the drop in Elite Color's long position.| Shanghai Sanyou vs. China World Trade | Shanghai Sanyou vs. Beijing Bewinner Communications | Shanghai Sanyou vs. Xiangyang Automobile Bearing | Shanghai Sanyou vs. Wuhan Yangtze Communication |
| Elite Color vs. Xiangyu Medical Co | Elite Color vs. Nanjing Vishee Medical | Elite Color vs. APT Medical | Elite Color vs. Shenzhen Noposion Agrochemicals |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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