Correlation Between Thinkon Semiconductor and Tinavi Medical
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By analyzing existing cross correlation between Thinkon Semiconductor Jinzhou and Tinavi Medical Technologies, you can compare the effects of market volatilities on Thinkon Semiconductor and Tinavi Medical 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 Tinavi Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thinkon Semiconductor and Tinavi Medical.
Diversification Opportunities for Thinkon Semiconductor and Tinavi Medical
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Thinkon and Tinavi is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Thinkon Semiconductor Jinzhou and Tinavi Medical Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tinavi Medical Techn 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 Tinavi Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tinavi Medical Techn has no effect on the direction of Thinkon Semiconductor i.e., Thinkon Semiconductor and Tinavi Medical go up and down completely randomly.
Pair Corralation between Thinkon Semiconductor and Tinavi Medical
Assuming the 90 days trading horizon Thinkon Semiconductor is expected to generate 1.35 times less return on investment than Tinavi Medical. In addition to that, Thinkon Semiconductor is 1.02 times more volatile than Tinavi Medical Technologies. It trades about 0.05 of its total potential returns per unit of risk. Tinavi Medical Technologies is currently generating about 0.07 per unit of volatility. If you would invest 732.00 in Tinavi Medical Technologies on October 18, 2024 and sell it today you would earn a total of 230.00 from holding Tinavi Medical Technologies or generate 31.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thinkon Semiconductor Jinzhou vs. Tinavi Medical Technologies
Performance |
| Timeline |
| Thinkon Semiconductor |
| Tinavi Medical Techn |
Thinkon Semiconductor and Tinavi Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thinkon Semiconductor and Tinavi Medical
The main advantage of trading using opposite Thinkon Semiconductor and Tinavi Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thinkon Semiconductor position performs unexpectedly, Tinavi Medical 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 Tinavi Medical will offset losses from the drop in Tinavi Medical'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 |
| Tinavi Medical vs. Will Semiconductor Co | Tinavi Medical vs. Jiangsu Broadcasting Cable | Tinavi Medical vs. Thinkon Semiconductor Jinzhou | Tinavi Medical vs. Sichuan Fulin Transportation |
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 Stocks Directory module to find actively traded stocks across global markets.
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