Correlation Between Puya Semiconductor and China Vanke
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By analyzing existing cross correlation between Puya Semiconductor Shanghai and China Vanke Co, you can compare the effects of market volatilities on Puya Semiconductor and China Vanke 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 Puya Semiconductor with a short position of China Vanke. Check out your portfolio center. Please also check ongoing floating volatility patterns of Puya Semiconductor and China Vanke.
Diversification Opportunities for Puya Semiconductor and China Vanke
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Puya and China is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Puya Semiconductor Shanghai and China Vanke Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Vanke and Puya Semiconductor 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 Puya Semiconductor Shanghai are associated (or correlated) with China Vanke. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Vanke has no effect on the direction of Puya Semiconductor i.e., Puya Semiconductor and China Vanke go up and down completely randomly.
Pair Corralation between Puya Semiconductor and China Vanke
Assuming the 90 days trading horizon Puya Semiconductor Shanghai is expected to generate 1.73 times more return on investment than China Vanke. However, Puya Semiconductor is 1.73 times more volatile than China Vanke Co. It trades about 0.19 of its potential returns per unit of risk. China Vanke Co is currently generating about 0.09 per unit of risk. If you would invest 9,361 in Puya Semiconductor Shanghai on November 6, 2024 and sell it today you would earn a total of 1,468 from holding Puya Semiconductor Shanghai or generate 15.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Puya Semiconductor Shanghai vs. China Vanke Co
Performance |
| Timeline |
| Puya Semiconductor |
| China Vanke |
Puya Semiconductor and China Vanke Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Puya Semiconductor and China Vanke
The main advantage of trading using opposite Puya Semiconductor and China Vanke positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Puya Semiconductor position performs unexpectedly, China Vanke 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 China Vanke will offset losses from the drop in China Vanke's long position.| Puya Semiconductor vs. XinJiang GuoTong Pipeline | Puya Semiconductor vs. Yan Tai Shuang | Puya Semiconductor vs. Zhangjiagang Freetrade Science | Puya Semiconductor vs. JuneYao Dairy Co |
| China Vanke vs. Shenzhen Zhongzhuang Construction | China Vanke vs. Xiangyu Medical Co | China Vanke vs. Allied Machinery Co | China Vanke vs. Sino Medical Sciences |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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