Correlation Between Beijing Roborock and Suzhou Xingye
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By analyzing existing cross correlation between Beijing Roborock Technology and Suzhou Xingye Material, you can compare the effects of market volatilities on Beijing Roborock and Suzhou Xingye 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 Suzhou Xingye. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Suzhou Xingye.
Diversification Opportunities for Beijing Roborock and Suzhou Xingye
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beijing and Suzhou is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Suzhou Xingye Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Xingye Material 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 Suzhou Xingye. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Xingye Material has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Suzhou Xingye go up and down completely randomly.
Pair Corralation between Beijing Roborock and Suzhou Xingye
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the Suzhou Xingye. In addition to that, Beijing Roborock is 1.07 times more volatile than Suzhou Xingye Material. It trades about -0.01 of its total potential returns per unit of risk. Suzhou Xingye Material is currently generating about -0.01 per unit of volatility. If you would invest 1,242 in Suzhou Xingye Material on September 1, 2024 and sell it today you would lose (307.00) from holding Suzhou Xingye Material or give up 24.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Suzhou Xingye Material
Performance |
| Timeline |
| Beijing Roborock Tec |
| Suzhou Xingye Material |
Beijing Roborock and Suzhou Xingye Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Suzhou Xingye
The main advantage of trading using opposite Beijing Roborock and Suzhou Xingye positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Suzhou Xingye 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 Suzhou Xingye will offset losses from the drop in Suzhou Xingye's long position.| Beijing Roborock vs. CIMC Vehicles Co | Beijing Roborock vs. Guangzhou Jointas Chemical | Beijing Roborock vs. Sichuan Fulin Transportation | Beijing Roborock vs. China Sports Industry |
| Suzhou Xingye vs. Zijin Mining Group | Suzhou Xingye vs. Wanhua Chemical Group | Suzhou Xingye vs. Baoshan Iron Steel | Suzhou Xingye vs. Shandong Gold Mining |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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