Correlation Between Beijing Roborock and Shenzhen Coship
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By analyzing existing cross correlation between Beijing Roborock Technology and Shenzhen Coship Electronics, you can compare the effects of market volatilities on Beijing Roborock and Shenzhen Coship 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 Shenzhen Coship. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Shenzhen Coship.
Diversification Opportunities for Beijing Roborock and Shenzhen Coship
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beijing and Shenzhen is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Shenzhen Coship Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Coship Elec 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 Shenzhen Coship. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Coship Elec has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Shenzhen Coship go up and down completely randomly.
Pair Corralation between Beijing Roborock and Shenzhen Coship
Assuming the 90 days trading horizon Beijing Roborock is expected to generate 1.87 times less return on investment than Shenzhen Coship. But when comparing it to its historical volatility, Beijing Roborock Technology is 1.64 times less risky than Shenzhen Coship. It trades about 0.19 of its potential returns per unit of risk. Shenzhen Coship Electronics is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 481.00 in Shenzhen Coship Electronics on October 25, 2024 and sell it today you would earn a total of 185.00 from holding Shenzhen Coship Electronics or generate 38.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Shenzhen Coship Electronics
Performance |
| Timeline |
| Beijing Roborock Tec |
| Shenzhen Coship Elec |
Beijing Roborock and Shenzhen Coship Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Shenzhen Coship
The main advantage of trading using opposite Beijing Roborock and Shenzhen Coship positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Shenzhen Coship 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 Shenzhen Coship will offset losses from the drop in Shenzhen Coship's long position.| Beijing Roborock vs. Zhongzhu Medical Holdings | Beijing Roborock vs. Zhonghong Pulin Medical | Beijing Roborock vs. APT Medical | Beijing Roborock vs. Sunny Loan Top |
| Shenzhen Coship vs. Jiahe Foods Industry | Shenzhen Coship vs. Gan Yuan Foods | Shenzhen Coship vs. XinJiang GuoTong Pipeline | Shenzhen Coship vs. Great Sun Foods 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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