Correlation Between Senmiao Technology and 88579YAV3
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By analyzing existing cross correlation between Senmiao Technology and 3M 225 percent, you can compare the effects of market volatilities on Senmiao Technology and 88579YAV3 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 88579YAV3. Check out your portfolio center. Please also check ongoing floating volatility patterns of Senmiao Technology and 88579YAV3.
Diversification Opportunities for Senmiao Technology and 88579YAV3
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Senmiao and 88579YAV3 is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Senmiao Technology and 3M 225 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 3M 225 percent 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 88579YAV3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 3M 225 percent has no effect on the direction of Senmiao Technology i.e., Senmiao Technology and 88579YAV3 go up and down completely randomly.
Pair Corralation between Senmiao Technology and 88579YAV3
Given the investment horizon of 90 days Senmiao Technology is expected to generate 11.82 times more return on investment than 88579YAV3. However, Senmiao Technology is 11.82 times more volatile than 3M 225 percent. It trades about 0.03 of its potential returns per unit of risk. 3M 225 percent is currently generating about 0.0 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 | Weak |
| Accuracy | 94.13% |
| Values | Daily Returns |
Senmiao Technology vs. 3M 225 percent
Performance |
| Timeline |
| Senmiao Technology |
| 3M 225 percent |
Senmiao Technology and 88579YAV3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Senmiao Technology and 88579YAV3
The main advantage of trading using opposite Senmiao Technology and 88579YAV3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Senmiao Technology position performs unexpectedly, 88579YAV3 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 88579YAV3 will offset losses from the drop in 88579YAV3's long position.| Senmiao Technology vs. X Financial Class | Senmiao Technology vs. Yirendai | Senmiao Technology vs. Pintec Technology Holdings | Senmiao Technology vs. Qudian Inc |
| 88579YAV3 vs. Old Republic International | 88579YAV3 vs. Playtika Holding Corp | 88579YAV3 vs. Cincinnati Financial | 88579YAV3 vs. ScanSource |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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