Correlation Between Cambricon Technologies and ShuYu Civilian
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By analyzing existing cross correlation between Cambricon Technologies Corp and ShuYu Civilian Pharmacy, you can compare the effects of market volatilities on Cambricon Technologies and ShuYu Civilian 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 Cambricon Technologies with a short position of ShuYu Civilian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cambricon Technologies and ShuYu Civilian.
Diversification Opportunities for Cambricon Technologies and ShuYu Civilian
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cambricon and ShuYu is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding Cambricon Technologies Corp and ShuYu Civilian Pharmacy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ShuYu Civilian Pharmacy and Cambricon Technologies 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 Cambricon Technologies Corp are associated (or correlated) with ShuYu Civilian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ShuYu Civilian Pharmacy has no effect on the direction of Cambricon Technologies i.e., Cambricon Technologies and ShuYu Civilian go up and down completely randomly.
Pair Corralation between Cambricon Technologies and ShuYu Civilian
If you would invest 0.00 in Cambricon Technologies Corp on November 7, 2024 and sell it today you would earn a total of 0.00 from holding Cambricon Technologies Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 5.88% |
| Values | Daily Returns |
Cambricon Technologies Corp vs. ShuYu Civilian Pharmacy
Performance |
| Timeline |
| Cambricon Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
| ShuYu Civilian Pharmacy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Cambricon Technologies and ShuYu Civilian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cambricon Technologies and ShuYu Civilian
The main advantage of trading using opposite Cambricon Technologies and ShuYu Civilian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cambricon Technologies position performs unexpectedly, ShuYu Civilian 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 ShuYu Civilian will offset losses from the drop in ShuYu Civilian's long position.The idea behind Cambricon Technologies Corp and ShuYu Civilian Pharmacy pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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