Correlation Between Thinkon Semiconductor and Sunwoda Electronic
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By analyzing existing cross correlation between Thinkon Semiconductor Jinzhou and Sunwoda Electronic, you can compare the effects of market volatilities on Thinkon Semiconductor and Sunwoda Electronic 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 Thinkon Semiconductor with a short position of Sunwoda Electronic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thinkon Semiconductor and Sunwoda Electronic.
Diversification Opportunities for Thinkon Semiconductor and Sunwoda Electronic
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Thinkon and Sunwoda is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Thinkon Semiconductor Jinzhou and Sunwoda Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sunwoda Electronic and Thinkon Semiconductor 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 Thinkon Semiconductor Jinzhou are associated (or correlated) with Sunwoda Electronic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sunwoda Electronic has no effect on the direction of Thinkon Semiconductor i.e., Thinkon Semiconductor and Sunwoda Electronic go up and down completely randomly.
Pair Corralation between Thinkon Semiconductor and Sunwoda Electronic
Assuming the 90 days trading horizon Thinkon Semiconductor is expected to generate 12.86 times less return on investment than Sunwoda Electronic. In addition to that, Thinkon Semiconductor is 1.26 times more volatile than Sunwoda Electronic. It trades about 0.0 of its total potential returns per unit of risk. Sunwoda Electronic is currently generating about 0.08 per unit of volatility. If you would invest 1,255 in Sunwoda Electronic on October 18, 2024 and sell it today you would earn a total of 847.00 from holding Sunwoda Electronic or generate 67.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.58% |
| Values | Daily Returns |
Thinkon Semiconductor Jinzhou vs. Sunwoda Electronic
Performance |
| Timeline |
| Thinkon Semiconductor |
| Sunwoda Electronic |
Thinkon Semiconductor and Sunwoda Electronic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thinkon Semiconductor and Sunwoda Electronic
The main advantage of trading using opposite Thinkon Semiconductor and Sunwoda Electronic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thinkon Semiconductor position performs unexpectedly, Sunwoda Electronic 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 Sunwoda Electronic will offset losses from the drop in Sunwoda Electronic's long position.| Thinkon Semiconductor vs. North Copper Shanxi | Thinkon Semiconductor vs. Guocheng Mining Co | Thinkon Semiconductor vs. Chengtun Mining Group | Thinkon Semiconductor vs. Xinjiang Beixin RoadBridge |
| Sunwoda Electronic vs. Ping An Insurance | Sunwoda Electronic vs. Easyhome New Retail | Sunwoda Electronic vs. Postal Savings Bank | Sunwoda Electronic vs. Unisplendour Corp |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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