Correlation Between Shanghai V and Gotion High
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By analyzing existing cross correlation between Shanghai V Test Semiconductor and Gotion High tech, you can compare the effects of market volatilities on Shanghai V and Gotion High 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 Shanghai V with a short position of Gotion High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai V and Gotion High.
Diversification Opportunities for Shanghai V and Gotion High
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shanghai and Gotion is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai V Test Semiconductor and Gotion High tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gotion High tech and Shanghai V 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 Shanghai V Test Semiconductor are associated (or correlated) with Gotion High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gotion High tech has no effect on the direction of Shanghai V i.e., Shanghai V and Gotion High go up and down completely randomly.
Pair Corralation between Shanghai V and Gotion High
Assuming the 90 days trading horizon Shanghai V Test Semiconductor is expected to generate 1.79 times more return on investment than Gotion High. However, Shanghai V is 1.79 times more volatile than Gotion High tech. It trades about 0.01 of its potential returns per unit of risk. Gotion High tech is currently generating about -0.03 per unit of risk. If you would invest 8,507 in Shanghai V Test Semiconductor on October 29, 2024 and sell it today you would lose (1,097) from holding Shanghai V Test Semiconductor or give up 12.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai V Test Semiconductor vs. Gotion High tech
Performance |
| Timeline |
| Shanghai V Test |
| Gotion High tech |
Shanghai V and Gotion High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai V and Gotion High
The main advantage of trading using opposite Shanghai V and Gotion High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai V position performs unexpectedly, Gotion High 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 Gotion High will offset losses from the drop in Gotion High's long position.| Shanghai V vs. Advanced Technology Materials | Shanghai V vs. Shanghai CEO Environmental | Shanghai V vs. Thunder Software Technology | Shanghai V vs. Harvest Fund Management |
| Gotion High vs. Industrial and Commercial | Gotion High vs. China Construction Bank | Gotion High vs. Bank of China | Gotion High vs. Agricultural Bank of |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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