Correlation Between SOUTHERN and Ihuman
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By analyzing existing cross correlation between SOUTHERN CALIF GAS and Ihuman Inc, you can compare the effects of market volatilities on SOUTHERN and Ihuman 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 SOUTHERN with a short position of Ihuman. Check out your portfolio center. Please also check ongoing floating volatility patterns of SOUTHERN and Ihuman.
Diversification Opportunities for SOUTHERN and Ihuman
Modest diversification
The 3 months correlation between SOUTHERN and Ihuman is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding SOUTHERN CALIF GAS and Ihuman Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ihuman Inc and SOUTHERN 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 SOUTHERN CALIF GAS are associated (or correlated) with Ihuman. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ihuman Inc has no effect on the direction of SOUTHERN i.e., SOUTHERN and Ihuman go up and down completely randomly.
Pair Corralation between SOUTHERN and Ihuman
Assuming the 90 days trading horizon SOUTHERN CALIF GAS is expected to generate 0.19 times more return on investment than Ihuman. However, SOUTHERN CALIF GAS is 5.18 times less risky than Ihuman. It trades about -0.3 of its potential returns per unit of risk. Ihuman Inc is currently generating about -0.08 per unit of risk. If you would invest 9,909 in SOUTHERN CALIF GAS on September 5, 2024 and sell it today you would lose (145.00) from holding SOUTHERN CALIF GAS or give up 1.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 50.0% |
| Values | Daily Returns |
SOUTHERN CALIF GAS vs. Ihuman Inc
Performance |
| Timeline |
| SOUTHERN CALIF GAS |
| Ihuman Inc |
SOUTHERN and Ihuman Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SOUTHERN and Ihuman
The main advantage of trading using opposite SOUTHERN and Ihuman positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SOUTHERN position performs unexpectedly, Ihuman 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 Ihuman will offset losses from the drop in Ihuman's long position.| SOUTHERN vs. Ihuman Inc | SOUTHERN vs. Evolution Gaming Group | SOUTHERN vs. Boyd Gaming | SOUTHERN vs. Universal Technical Institute |
| Ihuman vs. Wah Fu Education | Ihuman vs. Golden Sun Education | Ihuman vs. Elite Education Group | Ihuman vs. QuantaSing Group Limited |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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