Correlation Between MayAir Technology and Digiwin Software
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By analyzing existing cross correlation between MayAir Technology Co and Digiwin Software Co, you can compare the effects of market volatilities on MayAir Technology and Digiwin Software 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 MayAir Technology with a short position of Digiwin Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Digiwin Software.
Diversification Opportunities for MayAir Technology and Digiwin Software
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between MayAir and Digiwin is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co and Digiwin Software Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Digiwin Software and MayAir Technology 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 MayAir Technology Co are associated (or correlated) with Digiwin Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Digiwin Software has no effect on the direction of MayAir Technology i.e., MayAir Technology and Digiwin Software go up and down completely randomly.
Pair Corralation between MayAir Technology and Digiwin Software
Assuming the 90 days trading horizon MayAir Technology Co is expected to under-perform the Digiwin Software. But the stock apears to be less risky and, when comparing its historical volatility, MayAir Technology Co is 2.09 times less risky than Digiwin Software. The stock trades about -0.28 of its potential returns per unit of risk. The Digiwin Software Co is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 2,629 in Digiwin Software Co on September 12, 2024 and sell it today you would earn a total of 509.00 from holding Digiwin Software Co or generate 19.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MayAir Technology Co vs. Digiwin Software Co
Performance |
| Timeline |
| MayAir Technology |
| Digiwin Software |
MayAir Technology and Digiwin Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and Digiwin Software
The main advantage of trading using opposite MayAir Technology and Digiwin Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology position performs unexpectedly, Digiwin Software 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 Digiwin Software will offset losses from the drop in Digiwin Software's long position.| MayAir Technology vs. Agricultural Bank of | MayAir Technology vs. Industrial and Commercial | MayAir Technology vs. Bank of China | MayAir Technology vs. PetroChina Co Ltd |
| Digiwin Software vs. Jiaozuo Wanfang Aluminum | Digiwin Software vs. ZYF Lopsking Aluminum | Digiwin Software vs. Harbin Air Conditioning | Digiwin Software vs. MayAir Technology Co |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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