Correlation Between Senmiao Technology and 031162DP2
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By analyzing existing cross correlation between Senmiao Technology and AMGN 515 02 MAR 28, you can compare the effects of market volatilities on Senmiao Technology and 031162DP2 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 Senmiao Technology with a short position of 031162DP2. Check out your portfolio center. Please also check ongoing floating volatility patterns of Senmiao Technology and 031162DP2.
Diversification Opportunities for Senmiao Technology and 031162DP2
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Senmiao and 031162DP2 is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Senmiao Technology and AMGN 515 02 MAR 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGN 515 02 and Senmiao Technology 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 Senmiao Technology are associated (or correlated) with 031162DP2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMGN 515 02 has no effect on the direction of Senmiao Technology i.e., Senmiao Technology and 031162DP2 go up and down completely randomly.
Pair Corralation between Senmiao Technology and 031162DP2
Given the investment horizon of 90 days Senmiao Technology is expected to generate 15.66 times more return on investment than 031162DP2. However, Senmiao Technology is 15.66 times more volatile than AMGN 515 02 MAR 28. It trades about 0.03 of its potential returns per unit of risk. AMGN 515 02 MAR 28 is currently generating about -0.01 per unit of risk. If you would invest 89.00 in Senmiao Technology on September 4, 2024 and sell it today you would earn a total of 0.00 from holding Senmiao Technology or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 87.25% |
| Values | Daily Returns |
Senmiao Technology vs. AMGN 515 02 MAR 28
Performance |
| Timeline |
| Senmiao Technology |
| AMGN 515 02 |
Senmiao Technology and 031162DP2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Senmiao Technology and 031162DP2
The main advantage of trading using opposite Senmiao Technology and 031162DP2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Senmiao Technology position performs unexpectedly, 031162DP2 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 031162DP2 will offset losses from the drop in 031162DP2's long position.| Senmiao Technology vs. X Financial Class | Senmiao Technology vs. Yirendai | Senmiao Technology vs. Pintec Technology Holdings | Senmiao Technology vs. Qudian Inc |
| 031162DP2 vs. AEP TEX INC | 031162DP2 vs. US BANK NATIONAL | 031162DP2 vs. MetLife | 031162DP2 vs. Brera Holdings PLC |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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