Correlation Between Shanghai V and Hubei Geoway
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By analyzing existing cross correlation between Shanghai V Test Semiconductor and Hubei Geoway Investment, you can compare the effects of market volatilities on Shanghai V and Hubei Geoway 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 Hubei Geoway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai V and Hubei Geoway.
Diversification Opportunities for Shanghai V and Hubei Geoway
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shanghai and Hubei is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai V Test Semiconductor and Hubei Geoway Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hubei Geoway Investment 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 Hubei Geoway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hubei Geoway Investment has no effect on the direction of Shanghai V i.e., Shanghai V and Hubei Geoway go up and down completely randomly.
Pair Corralation between Shanghai V and Hubei Geoway
Assuming the 90 days trading horizon Shanghai V Test Semiconductor is expected to generate 0.69 times more return on investment than Hubei Geoway. However, Shanghai V Test Semiconductor is 1.46 times less risky than Hubei Geoway. It trades about 0.0 of its potential returns per unit of risk. Hubei Geoway Investment is currently generating about -0.14 per unit of risk. If you would invest 6,278 in Shanghai V Test Semiconductor on October 12, 2024 and sell it today you would lose (69.00) from holding Shanghai V Test Semiconductor or give up 1.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai V Test Semiconductor vs. Hubei Geoway Investment
Performance |
| Timeline |
| Shanghai V Test |
| Hubei Geoway Investment |
Shanghai V and Hubei Geoway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai V and Hubei Geoway
The main advantage of trading using opposite Shanghai V and Hubei Geoway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai V position performs unexpectedly, Hubei Geoway 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 Hubei Geoway will offset losses from the drop in Hubei Geoway's long position.| Shanghai V vs. Tibet Huayu Mining | Shanghai V vs. Tianshui Huatian Technology | Shanghai V vs. XiaMen HongXin Electron tech | Shanghai V vs. Kuang Chi Technologies |
| Hubei Geoway vs. Jiangsu Broadcasting Cable | Hubei Geoway vs. Chongqing Road Bridge | Hubei Geoway vs. Shandong Polymer Biochemicals | Hubei Geoway vs. Heilongjiang Transport Development |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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