Correlation Between 459200KX8 and Senmiao Technology
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By analyzing existing cross correlation between IBM 45 06 FEB 28 and Senmiao Technology, you can compare the effects of market volatilities on 459200KX8 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 459200KX8 with a short position of Senmiao Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of 459200KX8 and Senmiao Technology.
Diversification Opportunities for 459200KX8 and Senmiao Technology
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 459200KX8 and Senmiao is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding IBM 45 06 FEB 28 and Senmiao Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Senmiao Technology and 459200KX8 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 IBM 45 06 FEB 28 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 459200KX8 i.e., 459200KX8 and Senmiao Technology go up and down completely randomly.
Pair Corralation between 459200KX8 and Senmiao Technology
Assuming the 90 days trading horizon 459200KX8 is expected to generate 4.08 times less return on investment than Senmiao Technology. But when comparing it to its historical volatility, IBM 45 06 FEB 28 is 17.02 times less risky than Senmiao Technology. It trades about 0.13 of its potential returns per unit of risk. Senmiao Technology is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 88.00 in Senmiao Technology on August 29, 2024 and sell it today you would earn a total of 1.00 from holding Senmiao Technology or generate 1.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
IBM 45 06 FEB 28 vs. Senmiao Technology
Performance |
| Timeline |
| IBM 45 06 |
| Senmiao Technology |
459200KX8 and Senmiao Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 459200KX8 and Senmiao Technology
The main advantage of trading using opposite 459200KX8 and Senmiao Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 459200KX8 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.| 459200KX8 vs. Hawkins | 459200KX8 vs. Here Media | 459200KX8 vs. Avient Corp | 459200KX8 vs. Scandinavian Tobacco Group |
| 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 Transaction History module to view history of all your transactions and understand their impact on performance.
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