Correlation Between Puya Semiconductor and Chongqing Sulian
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By analyzing existing cross correlation between Puya Semiconductor Shanghai and Chongqing Sulian Plastic, you can compare the effects of market volatilities on Puya Semiconductor and Chongqing Sulian 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 Chongqing Sulian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Puya Semiconductor and Chongqing Sulian.
Diversification Opportunities for Puya Semiconductor and Chongqing Sulian
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Puya and Chongqing is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Puya Semiconductor Shanghai and Chongqing Sulian Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Sulian Plastic 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 Chongqing Sulian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Sulian Plastic has no effect on the direction of Puya Semiconductor i.e., Puya Semiconductor and Chongqing Sulian go up and down completely randomly.
Pair Corralation between Puya Semiconductor and Chongqing Sulian
Assuming the 90 days trading horizon Puya Semiconductor Shanghai is expected to generate 2.18 times more return on investment than Chongqing Sulian. However, Puya Semiconductor is 2.18 times more volatile than Chongqing Sulian Plastic. It trades about -0.06 of its potential returns per unit of risk. Chongqing Sulian Plastic is currently generating about -0.38 per unit of risk. If you would invest 11,266 in Puya Semiconductor Shanghai on October 16, 2024 and sell it today you would lose (907.00) from holding Puya Semiconductor Shanghai or give up 8.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Puya Semiconductor Shanghai vs. Chongqing Sulian Plastic
Performance |
| Timeline |
| Puya Semiconductor |
| Chongqing Sulian Plastic |
Puya Semiconductor and Chongqing Sulian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Puya Semiconductor and Chongqing Sulian
The main advantage of trading using opposite Puya Semiconductor and Chongqing Sulian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Puya Semiconductor position performs unexpectedly, Chongqing Sulian 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 Chongqing Sulian will offset losses from the drop in Chongqing Sulian's long position.| Puya Semiconductor vs. Hubei Geoway Investment | Puya Semiconductor vs. Hunan Investment Group | Puya Semiconductor vs. Chengdu Xingrong Investment | Puya Semiconductor vs. Jointo Energy Investment |
| Chongqing Sulian vs. Wuhan Hvsen Biotechnology | Chongqing Sulian vs. Goodwill E Health | Chongqing Sulian vs. Jiangsu GDK Biotechnology | Chongqing Sulian vs. Sanbo Hospital Management |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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