Correlation Between Smartgiant Technology and China Securities
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By analyzing existing cross correlation between Smartgiant Technology Co and China Securities 800, you can compare the effects of market volatilities on Smartgiant Technology and China Securities 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 Smartgiant Technology with a short position of China Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Smartgiant Technology and China Securities.
Diversification Opportunities for Smartgiant Technology and China Securities
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Smartgiant and China is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Smartgiant Technology Co and China Securities 800 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Securities 800 and Smartgiant Technology 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 Smartgiant Technology Co are associated (or correlated) with China Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Securities 800 has no effect on the direction of Smartgiant Technology i.e., Smartgiant Technology and China Securities go up and down completely randomly.
Pair Corralation between Smartgiant Technology and China Securities
Assuming the 90 days trading horizon Smartgiant Technology Co is expected to under-perform the China Securities. In addition to that, Smartgiant Technology is 3.07 times more volatile than China Securities 800. It trades about -0.11 of its total potential returns per unit of risk. China Securities 800 is currently generating about -0.29 per unit of volatility. If you would invest 432,984 in China Securities 800 on October 12, 2024 and sell it today you would lose (27,815) from holding China Securities 800 or give up 6.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Smartgiant Technology Co vs. China Securities 800
Performance |
| Timeline |
Smartgiant Technology and China Securities Volatility Contrast
Predicted Return Density |
| Returns |
Smartgiant Technology Co
Pair trading matchups for Smartgiant Technology
China Securities 800
Pair trading matchups for China Securities
Pair Trading with Smartgiant Technology and China Securities
The main advantage of trading using opposite Smartgiant Technology and China Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Smartgiant Technology position performs unexpectedly, China Securities 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 China Securities will offset losses from the drop in China Securities' long position.| Smartgiant Technology vs. Omnijoi Media Corp | Smartgiant Technology vs. Healthcare Co | Smartgiant Technology vs. Duzhe Publishing Media | Smartgiant Technology vs. De Rucci Healthy |
| China Securities vs. Huatian Hotel Group | China Securities vs. Keeson Technology Corp | China Securities vs. Jiujiang Shanshui Technology | China Securities vs. Smartgiant 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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