Correlation Between Puya Semiconductor and Xiangyang Automobile
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By analyzing existing cross correlation between Puya Semiconductor Shanghai and Xiangyang Automobile Bearing, you can compare the effects of market volatilities on Puya Semiconductor and Xiangyang Automobile 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 Xiangyang Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Puya Semiconductor and Xiangyang Automobile.
Diversification Opportunities for Puya Semiconductor and Xiangyang Automobile
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Puya and Xiangyang is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Puya Semiconductor Shanghai and Xiangyang Automobile Bearing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiangyang Automobile 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 Xiangyang Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiangyang Automobile has no effect on the direction of Puya Semiconductor i.e., Puya Semiconductor and Xiangyang Automobile go up and down completely randomly.
Pair Corralation between Puya Semiconductor and Xiangyang Automobile
Assuming the 90 days trading horizon Puya Semiconductor Shanghai is expected to generate 1.11 times more return on investment than Xiangyang Automobile. However, Puya Semiconductor is 1.11 times more volatile than Xiangyang Automobile Bearing. It trades about 0.1 of its potential returns per unit of risk. Xiangyang Automobile Bearing is currently generating about 0.03 per unit of risk. If you would invest 8,204 in Puya Semiconductor Shanghai on October 14, 2024 and sell it today you would earn a total of 2,263 from holding Puya Semiconductor Shanghai or generate 27.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Puya Semiconductor Shanghai vs. Xiangyang Automobile Bearing
Performance |
| Timeline |
| Puya Semiconductor |
| Xiangyang Automobile |
Puya Semiconductor and Xiangyang Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Puya Semiconductor and Xiangyang Automobile
The main advantage of trading using opposite Puya Semiconductor and Xiangyang Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Puya Semiconductor position performs unexpectedly, Xiangyang Automobile 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 Xiangyang Automobile will offset losses from the drop in Xiangyang Automobile's long position.| Puya Semiconductor vs. Silkroad Visual Technology | Puya Semiconductor vs. Jinxiandai Information Industry | Puya Semiconductor vs. Zhengping RoadBridge Constr | Puya Semiconductor vs. Emdoor Information 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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