Correlation Between Puya Semiconductor and Sunny Loan
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By analyzing existing cross correlation between Puya Semiconductor Shanghai and Sunny Loan Top, you can compare the effects of market volatilities on Puya Semiconductor and Sunny Loan 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 Sunny Loan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Puya Semiconductor and Sunny Loan.
Diversification Opportunities for Puya Semiconductor and Sunny Loan
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Puya and Sunny is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Puya Semiconductor Shanghai and Sunny Loan Top in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sunny Loan Top 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 Sunny Loan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sunny Loan Top has no effect on the direction of Puya Semiconductor i.e., Puya Semiconductor and Sunny Loan go up and down completely randomly.
Pair Corralation between Puya Semiconductor and Sunny Loan
Assuming the 90 days trading horizon Puya Semiconductor is expected to generate 1.43 times less return on investment than Sunny Loan. In addition to that, Puya Semiconductor is 1.33 times more volatile than Sunny Loan Top. It trades about 0.02 of its total potential returns per unit of risk. Sunny Loan Top is currently generating about 0.04 per unit of volatility. If you would invest 651.00 in Sunny Loan Top on October 27, 2024 and sell it today you would earn a total of 271.00 from holding Sunny Loan Top or generate 41.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Puya Semiconductor Shanghai vs. Sunny Loan Top
Performance |
| Timeline |
| Puya Semiconductor |
| Sunny Loan Top |
Puya Semiconductor and Sunny Loan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Puya Semiconductor and Sunny Loan
The main advantage of trading using opposite Puya Semiconductor and Sunny Loan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Puya Semiconductor position performs unexpectedly, Sunny Loan 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 Sunny Loan will offset losses from the drop in Sunny Loan's long position.| Puya Semiconductor vs. Cloud Live Technology | Puya Semiconductor vs. Nanjing Putian Telecommunications | Puya Semiconductor vs. Shenzhen Coship Electronics | Puya Semiconductor vs. Shenzhen Hifuture Electric |
| Sunny Loan vs. Invengo Information Technology | Sunny Loan vs. GRG Banking Equipment | Sunny Loan vs. Guangzhou Ruoyuchen Information | Sunny Loan vs. Jinxiandai Information Industry |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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