Correlation Between Beijing Roborock and Shenwu Energy
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By analyzing existing cross correlation between Beijing Roborock Technology and Shenwu Energy Saving, you can compare the effects of market volatilities on Beijing Roborock and Shenwu Energy 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 Beijing Roborock with a short position of Shenwu Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Shenwu Energy.
Diversification Opportunities for Beijing Roborock and Shenwu Energy
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Beijing and Shenwu is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Shenwu Energy Saving in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenwu Energy Saving and Beijing Roborock 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 Beijing Roborock Technology are associated (or correlated) with Shenwu Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenwu Energy Saving has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Shenwu Energy go up and down completely randomly.
Pair Corralation between Beijing Roborock and Shenwu Energy
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to generate 0.37 times more return on investment than Shenwu Energy. However, Beijing Roborock Technology is 2.71 times less risky than Shenwu Energy. It trades about 0.04 of its potential returns per unit of risk. Shenwu Energy Saving is currently generating about 0.01 per unit of risk. If you would invest 22,612 in Beijing Roborock Technology on November 4, 2024 and sell it today you would earn a total of 267.00 from holding Beijing Roborock Technology or generate 1.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Shenwu Energy Saving
Performance |
| Timeline |
| Beijing Roborock Tec |
| Shenwu Energy Saving |
Beijing Roborock and Shenwu Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Shenwu Energy
The main advantage of trading using opposite Beijing Roborock and Shenwu Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Shenwu Energy 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 Shenwu Energy will offset losses from the drop in Shenwu Energy's long position.| Beijing Roborock vs. Dr Peng Telecom | Beijing Roborock vs. Offcn Education Technology | Beijing Roborock vs. Eastern Communications Co | Beijing Roborock vs. Allwin Telecommunication Co |
| Shenwu Energy vs. Nanjing Putian Telecommunications | Shenwu Energy vs. Ping An Insurance | Shenwu Energy vs. Fiberhome Telecommunication Technologies | Shenwu Energy vs. Guangxi Wuzhou Communications |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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