Correlation Between Swancor Advanced and Shenzhen Aisidi
Specify exactly 2 symbols:
By analyzing existing cross correlation between Swancor Advanced Materials and Shenzhen Aisidi Co, you can compare the effects of market volatilities on Swancor Advanced and Shenzhen Aisidi 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 Swancor Advanced with a short position of Shenzhen Aisidi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Swancor Advanced and Shenzhen Aisidi.
Diversification Opportunities for Swancor Advanced and Shenzhen Aisidi
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Swancor and Shenzhen is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Swancor Advanced Materials and Shenzhen Aisidi Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Aisidi and Swancor Advanced 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 Swancor Advanced Materials are associated (or correlated) with Shenzhen Aisidi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Aisidi has no effect on the direction of Swancor Advanced i.e., Swancor Advanced and Shenzhen Aisidi go up and down completely randomly.
Pair Corralation between Swancor Advanced and Shenzhen Aisidi
Assuming the 90 days trading horizon Swancor Advanced Materials is expected to generate 0.51 times more return on investment than Shenzhen Aisidi. However, Swancor Advanced Materials is 1.97 times less risky than Shenzhen Aisidi. It trades about -0.1 of its potential returns per unit of risk. Shenzhen Aisidi Co is currently generating about -0.07 per unit of risk. If you would invest 687.00 in Swancor Advanced Materials on October 25, 2024 and sell it today you would lose (38.00) from holding Swancor Advanced Materials or give up 5.53% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Swancor Advanced Materials vs. Shenzhen Aisidi Co
Performance |
| Timeline |
| Swancor Advanced Mat |
| Shenzhen Aisidi |
Swancor Advanced and Shenzhen Aisidi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Swancor Advanced and Shenzhen Aisidi
The main advantage of trading using opposite Swancor Advanced and Shenzhen Aisidi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Swancor Advanced position performs unexpectedly, Shenzhen Aisidi 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 Shenzhen Aisidi will offset losses from the drop in Shenzhen Aisidi's long position.| Swancor Advanced vs. Zijin Mining Group | Swancor Advanced vs. Wanhua Chemical Group | Swancor Advanced vs. Baoshan Iron Steel | Swancor Advanced vs. Rongsheng Petrochemical Co |
| Shenzhen Aisidi vs. Shenwu Energy Saving | Shenzhen Aisidi vs. Shanghai Phichem Material | Shenzhen Aisidi vs. HeNan Splendor Science | Shenzhen Aisidi vs. Swancor Advanced Materials |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |