Correlation Between 264399DK9 and Senmiao Technology
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By analyzing existing cross correlation between DUKE PWR LLC and Senmiao Technology, you can compare the effects of market volatilities on 264399DK9 and Senmiao Technology 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 264399DK9 with a short position of Senmiao Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of 264399DK9 and Senmiao Technology.
Diversification Opportunities for 264399DK9 and Senmiao Technology
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 264399DK9 and Senmiao is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding DUKE PWR LLC and Senmiao Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Senmiao Technology and 264399DK9 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 DUKE PWR LLC are associated (or correlated) with Senmiao Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Senmiao Technology has no effect on the direction of 264399DK9 i.e., 264399DK9 and Senmiao Technology go up and down completely randomly.
Pair Corralation between 264399DK9 and Senmiao Technology
Assuming the 90 days trading horizon 264399DK9 is expected to generate 41.19 times less return on investment than Senmiao Technology. But when comparing it to its historical volatility, DUKE PWR LLC is 8.77 times less risky than Senmiao Technology. It trades about 0.01 of its potential returns per unit of risk. Senmiao Technology is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 47.00 in Senmiao Technology on September 12, 2024 and sell it today you would earn a total of 41.10 from holding Senmiao Technology or generate 87.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 92.75% |
| Values | Daily Returns |
DUKE PWR LLC vs. Senmiao Technology
Performance |
| Timeline |
| DUKE PWR LLC |
| Senmiao Technology |
264399DK9 and Senmiao Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 264399DK9 and Senmiao Technology
The main advantage of trading using opposite 264399DK9 and Senmiao Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 264399DK9 position performs unexpectedly, Senmiao Technology 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 Senmiao Technology will offset losses from the drop in Senmiao Technology's long position.| 264399DK9 vs. Naked Wines plc | 264399DK9 vs. CapitaLand Investment Limited | 264399DK9 vs. Diamond Estates Wines | 264399DK9 vs. China Tontine Wines |
| Senmiao Technology vs. Victory Integrity Smallmid Cap | Senmiao Technology vs. Hilton Worldwide Holdings | Senmiao Technology vs. NVIDIA | Senmiao Technology vs. JPMorgan Chase Co |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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