Correlation Between Shaanxi Broadcast and Advanced Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shaanxi Broadcast TV and Advanced Technology Materials, you can compare the effects of market volatilities on Shaanxi Broadcast and Advanced 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 Shaanxi Broadcast with a short position of Advanced Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shaanxi Broadcast and Advanced Technology.
Diversification Opportunities for Shaanxi Broadcast and Advanced Technology
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shaanxi and Advanced is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Shaanxi Broadcast TV and Advanced Technology Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Advanced Technology and Shaanxi Broadcast 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 Shaanxi Broadcast TV are associated (or correlated) with Advanced Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Advanced Technology has no effect on the direction of Shaanxi Broadcast i.e., Shaanxi Broadcast and Advanced Technology go up and down completely randomly.
Pair Corralation between Shaanxi Broadcast and Advanced Technology
Assuming the 90 days trading horizon Shaanxi Broadcast is expected to generate 13.44 times less return on investment than Advanced Technology. But when comparing it to its historical volatility, Shaanxi Broadcast TV is 1.3 times less risky than Advanced Technology. It trades about 0.0 of its potential returns per unit of risk. Advanced Technology Materials is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,108 in Advanced Technology Materials on November 20, 2024 and sell it today you would earn a total of 56.00 from holding Advanced Technology Materials or generate 5.05% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Shaanxi Broadcast TV vs. Advanced Technology Materials
Performance |
Timeline |
Shaanxi Broadcast |
Advanced Technology |
Shaanxi Broadcast and Advanced Technology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Shaanxi Broadcast and Advanced Technology
The main advantage of trading using opposite Shaanxi Broadcast and Advanced Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shaanxi Broadcast position performs unexpectedly, Advanced 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 Advanced Technology will offset losses from the drop in Advanced Technology's long position.Shaanxi Broadcast vs. Winner Medical Co | ||
Shaanxi Broadcast vs. Allwin Telecommunication Co | ||
Shaanxi Broadcast vs. Innovative Medical Management | ||
Shaanxi Broadcast vs. Guangdong Transtek Medical |
Advanced Technology vs. Lecron Energy Saving | ||
Advanced Technology vs. Hua Hong Semiconductor | ||
Advanced Technology vs. Xiamen Bank Co | ||
Advanced Technology vs. Nexchip Semiconductor Corp |
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.
Other Complementary Tools
Money Managers Screen money managers from public funds and ETFs managed around the world | |
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated |