Correlation Between Senmiao Technology and UNITED
Specify exactly 2 symbols:
By analyzing existing cross correlation between Senmiao Technology and UNITED TECHNOLOGIES P, you can compare the effects of market volatilities on Senmiao Technology and UNITED 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 UNITED. Check out your portfolio center. Please also check ongoing floating volatility patterns of Senmiao Technology and UNITED.
Diversification Opportunities for Senmiao Technology and UNITED
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Senmiao and UNITED is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Senmiao Technology and UNITED TECHNOLOGIES P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNITED TECHNOLOGIES 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 UNITED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNITED TECHNOLOGIES has no effect on the direction of Senmiao Technology i.e., Senmiao Technology and UNITED go up and down completely randomly.
Pair Corralation between Senmiao Technology and UNITED
Given the investment horizon of 90 days Senmiao Technology is expected to generate 72.21 times less return on investment than UNITED. But when comparing it to its historical volatility, Senmiao Technology is 19.29 times less risky than UNITED. It trades about 0.03 of its potential returns per unit of risk. UNITED TECHNOLOGIES P is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 8,848 in UNITED TECHNOLOGIES P on September 2, 2024 and sell it today you would lose (1,142) from holding UNITED TECHNOLOGIES P or give up 12.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 63.51% |
| Values | Daily Returns |
Senmiao Technology vs. UNITED TECHNOLOGIES P
Performance |
| Timeline |
| Senmiao Technology |
| UNITED TECHNOLOGIES |
Senmiao Technology and UNITED Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Senmiao Technology and UNITED
The main advantage of trading using opposite Senmiao Technology and UNITED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Senmiao Technology position performs unexpectedly, UNITED 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 UNITED will offset losses from the drop in UNITED's long position.| Senmiao Technology vs. X Financial Class | Senmiao Technology vs. Yirendai | Senmiao Technology vs. Pintec Technology Holdings | Senmiao Technology vs. Qudian Inc |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |