Correlation Between Beijing Roborock and Shenzhen Silver
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By analyzing existing cross correlation between Beijing Roborock Technology and Shenzhen Silver Basis, you can compare the effects of market volatilities on Beijing Roborock and Shenzhen Silver 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 Silver. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Shenzhen Silver.
Diversification Opportunities for Beijing Roborock and Shenzhen Silver
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Beijing and Shenzhen is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Shenzhen Silver Basis in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Silver Basis 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 Silver. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Silver Basis has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Shenzhen Silver go up and down completely randomly.
Pair Corralation between Beijing Roborock and Shenzhen Silver
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to generate 0.91 times more return on investment than Shenzhen Silver. However, Beijing Roborock Technology is 1.1 times less risky than Shenzhen Silver. It trades about 0.16 of its potential returns per unit of risk. Shenzhen Silver Basis is currently generating about -0.16 per unit of risk. If you would invest 21,596 in Beijing Roborock Technology on October 25, 2024 and sell it today you would earn a total of 1,926 from holding Beijing Roborock Technology or generate 8.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Shenzhen Silver Basis
Performance |
| Timeline |
| Beijing Roborock Tec |
| Shenzhen Silver Basis |
Beijing Roborock and Shenzhen Silver Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Shenzhen Silver
The main advantage of trading using opposite Beijing Roborock and Shenzhen Silver positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Shenzhen Silver 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 Silver will offset losses from the drop in Shenzhen Silver'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 Silver vs. Kweichow Moutai Co | Shenzhen Silver vs. Contemporary Amperex Technology | Shenzhen Silver vs. Beijing Roborock Technology | Shenzhen Silver vs. BYD Co Ltd |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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