Correlation Between Armada Hflr and Shengtak New
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By analyzing existing cross correlation between Armada Hflr Pr and Shengtak New Material, you can compare the effects of market volatilities on Armada Hflr and Shengtak New 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 Armada Hflr with a short position of Shengtak New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Armada Hflr and Shengtak New.
Diversification Opportunities for Armada Hflr and Shengtak New
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Armada and Shengtak is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Armada Hflr Pr and Shengtak New Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shengtak New Material and Armada Hflr 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 Armada Hflr Pr are associated (or correlated) with Shengtak New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shengtak New Material has no effect on the direction of Armada Hflr i.e., Armada Hflr and Shengtak New go up and down completely randomly.
Pair Corralation between Armada Hflr and Shengtak New
Considering the 90-day investment horizon Armada Hflr Pr is expected to under-perform the Shengtak New. But the stock apears to be less risky and, when comparing its historical volatility, Armada Hflr Pr is 1.64 times less risky than Shengtak New. The stock trades about -0.26 of its potential returns per unit of risk. The Shengtak New Material is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 3,029 in Shengtak New Material on January 5, 2025 and sell it today you would earn a total of 241.00 from holding Shengtak New Material or generate 7.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.16% |
| Values | Daily Returns |
Armada Hflr Pr vs. Shengtak New Material
Performance |
| Timeline |
| Armada Hflr Pr |
| Shengtak New Material |
Armada Hflr and Shengtak New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Armada Hflr and Shengtak New
The main advantage of trading using opposite Armada Hflr and Shengtak New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Armada Hflr position performs unexpectedly, Shengtak New 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 Shengtak New will offset losses from the drop in Shengtak New's long position.| Armada Hflr vs. Modiv Inc | Armada Hflr vs. Precinct Properties New | Armada Hflr vs. Global Net Lease | Armada Hflr vs. NexPoint Diversified Real |
| Shengtak New vs. Hubei Geoway Investment | Shengtak New vs. Luyin Investment Group | Shengtak New vs. Henan Shuanghui Investment | Shengtak New vs. Hunan Investment Group |
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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