Correlation Between Guotai Epoint and Puya Semiconductor
Specify exactly 2 symbols:
By analyzing existing cross correlation between Guotai Epoint Software and Puya Semiconductor Shanghai, you can compare the effects of market volatilities on Guotai Epoint and Puya Semiconductor 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 Guotai Epoint with a short position of Puya Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guotai Epoint and Puya Semiconductor.
Diversification Opportunities for Guotai Epoint and Puya Semiconductor
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Guotai and Puya is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Guotai Epoint Software and Puya Semiconductor Shanghai in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Puya Semiconductor and Guotai Epoint 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 Guotai Epoint Software are associated (or correlated) with Puya Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Puya Semiconductor has no effect on the direction of Guotai Epoint i.e., Guotai Epoint and Puya Semiconductor go up and down completely randomly.
Pair Corralation between Guotai Epoint and Puya Semiconductor
Assuming the 90 days trading horizon Guotai Epoint Software is expected to under-perform the Puya Semiconductor. But the stock apears to be less risky and, when comparing its historical volatility, Guotai Epoint Software is 1.18 times less risky than Puya Semiconductor. The stock trades about -0.01 of its potential returns per unit of risk. The Puya Semiconductor Shanghai is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 9,942 in Puya Semiconductor Shanghai on October 16, 2024 and sell it today you would earn a total of 417.00 from holding Puya Semiconductor Shanghai or generate 4.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guotai Epoint Software vs. Puya Semiconductor Shanghai
Performance |
| Timeline |
| Guotai Epoint Software |
| Puya Semiconductor |
Guotai Epoint and Puya Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guotai Epoint and Puya Semiconductor
The main advantage of trading using opposite Guotai Epoint and Puya Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guotai Epoint position performs unexpectedly, Puya Semiconductor 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 Puya Semiconductor will offset losses from the drop in Puya Semiconductor's long position.| Guotai Epoint vs. China Life Insurance | Guotai Epoint vs. Cinda Securities Co | Guotai Epoint vs. Piotech Inc A | Guotai Epoint vs. Dongxing Sec Co |
| Puya Semiconductor vs. Hubei Geoway Investment | Puya Semiconductor vs. Hunan Investment Group | Puya Semiconductor vs. Chengdu Xingrong Investment | Puya Semiconductor vs. Jointo Energy Investment |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |