Correlation Between Beijing Roborock and Shanghai Shibei
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By analyzing existing cross correlation between Beijing Roborock Technology and Shanghai Shibei Hi Tech, you can compare the effects of market volatilities on Beijing Roborock and Shanghai Shibei 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 Shanghai Shibei. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Shanghai Shibei.
Diversification Opportunities for Beijing Roborock and Shanghai Shibei
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beijing and Shanghai is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Shanghai Shibei Hi Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Shibei Hi 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 Shanghai Shibei. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Shibei Hi has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Shanghai Shibei go up and down completely randomly.
Pair Corralation between Beijing Roborock and Shanghai Shibei
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to generate 1.33 times more return on investment than Shanghai Shibei. However, Beijing Roborock is 1.33 times more volatile than Shanghai Shibei Hi Tech. It trades about 0.02 of its potential returns per unit of risk. Shanghai Shibei Hi Tech is currently generating about 0.0 per unit of risk. If you would invest 22,504 in Beijing Roborock Technology on October 26, 2024 and sell it today you would earn a total of 274.00 from holding Beijing Roborock Technology or generate 1.22% 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. Shanghai Shibei Hi Tech
Performance |
| Timeline |
| Beijing Roborock Tec |
| Shanghai Shibei Hi |
Beijing Roborock and Shanghai Shibei Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Shanghai Shibei
The main advantage of trading using opposite Beijing Roborock and Shanghai Shibei positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Shanghai Shibei 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 Shanghai Shibei will offset losses from the drop in Shanghai Shibei's long position.| Beijing Roborock vs. Lutian Machinery Co | Beijing Roborock vs. Holitech Technology Co | Beijing Roborock vs. Shantui Construction Machinery | Beijing Roborock vs. ROPEOK Technology Group |
| Shanghai Shibei vs. Kuang Chi Technologies | Shanghai Shibei vs. Innovative Medical Management | Shanghai Shibei vs. Chongqing Changan Automobile | Shanghai Shibei vs. CIMC Vehicles 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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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