Correlation Between Senci Electric and Shenzhen MTC
Specify exactly 2 symbols:
By analyzing existing cross correlation between Senci Electric Machinery and Shenzhen MTC Co, you can compare the effects of market volatilities on Senci Electric and Shenzhen MTC 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 Senci Electric with a short position of Shenzhen MTC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Senci Electric and Shenzhen MTC.
Diversification Opportunities for Senci Electric and Shenzhen MTC
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Senci and Shenzhen is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Senci Electric Machinery and Shenzhen MTC Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen MTC and Senci Electric 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 Senci Electric Machinery are associated (or correlated) with Shenzhen MTC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen MTC has no effect on the direction of Senci Electric i.e., Senci Electric and Shenzhen MTC go up and down completely randomly.
Pair Corralation between Senci Electric and Shenzhen MTC
Assuming the 90 days trading horizon Senci Electric Machinery is expected to generate 1.16 times more return on investment than Shenzhen MTC. However, Senci Electric is 1.16 times more volatile than Shenzhen MTC Co. It trades about 0.03 of its potential returns per unit of risk. Shenzhen MTC Co is currently generating about 0.03 per unit of risk. If you would invest 1,561 in Senci Electric Machinery on November 21, 2024 and sell it today you would earn a total of 456.00 from holding Senci Electric Machinery or generate 29.21% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 99.79% |
Values | Daily Returns |
Senci Electric Machinery vs. Shenzhen MTC Co
Performance |
Timeline |
Senci Electric Machinery |
Shenzhen MTC |
Senci Electric and Shenzhen MTC Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Senci Electric and Shenzhen MTC
The main advantage of trading using opposite Senci Electric and Shenzhen MTC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Senci Electric position performs unexpectedly, Shenzhen MTC 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 Shenzhen MTC will offset losses from the drop in Shenzhen MTC's long position.Senci Electric vs. Yoantion Industrial IncLtd | ||
Senci Electric vs. Offshore Oil Engineering | ||
Senci Electric vs. Bomesc Offshore Engineering | ||
Senci Electric vs. Rongcheer Industrial Technology |
Shenzhen MTC vs. Eyebright Medical Technology | ||
Shenzhen MTC vs. Winner Information Technology | ||
Shenzhen MTC vs. Huaxia Fund Management | ||
Shenzhen MTC vs. iSoftStone Information Technology |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |