Correlation Between Zhejiang HISUN and Senci Electric
Specify exactly 2 symbols:
By analyzing existing cross correlation between Zhejiang HISUN Biomaterials and Senci Electric Machinery, you can compare the effects of market volatilities on Zhejiang HISUN and Senci Electric 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 Zhejiang HISUN with a short position of Senci Electric. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang HISUN and Senci Electric.
Diversification Opportunities for Zhejiang HISUN and Senci Electric
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Zhejiang and Senci is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang HISUN Biomaterials and Senci Electric Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Senci Electric Machinery and Zhejiang HISUN 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 Zhejiang HISUN Biomaterials are associated (or correlated) with Senci Electric. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Senci Electric Machinery has no effect on the direction of Zhejiang HISUN i.e., Zhejiang HISUN and Senci Electric go up and down completely randomly.
Pair Corralation between Zhejiang HISUN and Senci Electric
Assuming the 90 days trading horizon Zhejiang HISUN Biomaterials is expected to generate 1.13 times more return on investment than Senci Electric. However, Zhejiang HISUN is 1.13 times more volatile than Senci Electric Machinery. It trades about 0.17 of its potential returns per unit of risk. Senci Electric Machinery is currently generating about 0.18 per unit of risk. If you would invest 801.00 in Zhejiang HISUN Biomaterials on September 13, 2024 and sell it today you would earn a total of 282.00 from holding Zhejiang HISUN Biomaterials or generate 35.21% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Zhejiang HISUN Biomaterials vs. Senci Electric Machinery
Performance |
Timeline |
Zhejiang HISUN Bioma |
Senci Electric Machinery |
Zhejiang HISUN and Senci Electric Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Zhejiang HISUN and Senci Electric
The main advantage of trading using opposite Zhejiang HISUN and Senci Electric positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang HISUN position performs unexpectedly, Senci Electric 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 Senci Electric will offset losses from the drop in Senci Electric's long position.Zhejiang HISUN vs. Luyin Investment Group | Zhejiang HISUN vs. Hubei Geoway Investment | Zhejiang HISUN vs. Beijing Mainstreets Investment | Zhejiang HISUN vs. Nuode Investment Co |
Senci Electric vs. Zhongrun Resources Investment | Senci Electric vs. Beijing Mainstreets Investment | Senci Electric vs. China Asset Management | Senci Electric vs. Henan Shuanghui Investment |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
Other Complementary Tools
Share Portfolio Track or share privately all of your investments from the convenience of any device | |
Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
Commodity Directory Find actively traded commodities issued by global exchanges | |
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |