Correlation Between Senmiao Technology and Genworth
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By analyzing existing cross correlation between Senmiao Technology and Genworth Financial 7629, you can compare the effects of market volatilities on Senmiao Technology and Genworth 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 Genworth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Senmiao Technology and Genworth.
Diversification Opportunities for Senmiao Technology and Genworth
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Senmiao and Genworth is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Senmiao Technology and Genworth Financial 7629 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genworth Financial 7629 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 Genworth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genworth Financial 7629 has no effect on the direction of Senmiao Technology i.e., Senmiao Technology and Genworth go up and down completely randomly.
Pair Corralation between Senmiao Technology and Genworth
Given the investment horizon of 90 days Senmiao Technology is expected to generate 2.86 times more return on investment than Genworth. However, Senmiao Technology is 2.86 times more volatile than Genworth Financial 7629. It trades about 0.0 of its potential returns per unit of risk. Genworth Financial 7629 is currently generating about -0.12 per unit of risk. If you would invest 91.00 in Senmiao Technology on September 3, 2024 and sell it today you would lose (2.00) from holding Senmiao Technology or give up 2.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 75.0% |
| Values | Daily Returns |
Senmiao Technology vs. Genworth Financial 7629
Performance |
| Timeline |
| Senmiao Technology |
| Genworth Financial 7629 |
Senmiao Technology and Genworth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Senmiao Technology and Genworth
The main advantage of trading using opposite Senmiao Technology and Genworth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Senmiao Technology position performs unexpectedly, Genworth 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 Genworth will offset losses from the drop in Genworth's long position.| Senmiao Technology vs. Highway Holdings Limited | Senmiao Technology vs. QCR Holdings | Senmiao Technology vs. Partner Communications | Senmiao Technology vs. Acumen Pharmaceuticals |
| Genworth vs. Insteel Industries | Genworth vs. Kaltura | Genworth vs. Senmiao Technology | Genworth vs. Grupo Simec SAB |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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