Correlation Between China Merchants and Sinomach Automobile
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By analyzing existing cross correlation between China Merchants Shekou and Sinomach Automobile Co, you can compare the effects of market volatilities on China Merchants and Sinomach Automobile 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 China Merchants with a short position of Sinomach Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Merchants and Sinomach Automobile.
Diversification Opportunities for China Merchants and Sinomach Automobile
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between China and Sinomach is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding China Merchants Shekou and Sinomach Automobile Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinomach Automobile and China Merchants 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 China Merchants Shekou are associated (or correlated) with Sinomach Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinomach Automobile has no effect on the direction of China Merchants i.e., China Merchants and Sinomach Automobile go up and down completely randomly.
Pair Corralation between China Merchants and Sinomach Automobile
If you would invest 545.00 in Sinomach Automobile Co on September 9, 2024 and sell it today you would earn a total of 133.00 from holding Sinomach Automobile Co or generate 24.4% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 1.69% |
Values | Daily Returns |
China Merchants Shekou vs. Sinomach Automobile Co
Performance |
Timeline |
China Merchants Shekou |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
Sinomach Automobile |
China Merchants and Sinomach Automobile Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with China Merchants and Sinomach Automobile
The main advantage of trading using opposite China Merchants and Sinomach Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Merchants position performs unexpectedly, Sinomach Automobile 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 Sinomach Automobile will offset losses from the drop in Sinomach Automobile's long position.China Merchants vs. Jiahe Foods Industry | China Merchants vs. Guangdong Wens Foodstuff | China Merchants vs. Beijing Jiaman Dress | China Merchants vs. Sichuan Fulin Transportation |
Sinomach Automobile vs. Sichuan Teway Food | Sinomach Automobile vs. JuneYao Dairy Co | Sinomach Automobile vs. Caihong Display Devices | Sinomach Automobile vs. Lier Chemical 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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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