Correlation Between Armada Hflr and Shenzhen Sunlord
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By analyzing existing cross correlation between Armada Hflr Pr and Shenzhen Sunlord Electronics, you can compare the effects of market volatilities on Armada Hflr and Shenzhen Sunlord 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 Armada Hflr with a short position of Shenzhen Sunlord. Check out your portfolio center. Please also check ongoing floating volatility patterns of Armada Hflr and Shenzhen Sunlord.
Diversification Opportunities for Armada Hflr and Shenzhen Sunlord
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Armada and Shenzhen is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Armada Hflr Pr and Shenzhen Sunlord Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Sunlord Ele and Armada Hflr 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 Armada Hflr Pr are associated (or correlated) with Shenzhen Sunlord. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Sunlord Ele has no effect on the direction of Armada Hflr i.e., Armada Hflr and Shenzhen Sunlord go up and down completely randomly.
Pair Corralation between Armada Hflr and Shenzhen Sunlord
Considering the 90-day investment horizon Armada Hflr Pr is expected to under-perform the Shenzhen Sunlord. But the stock apears to be less risky and, when comparing its historical volatility, Armada Hflr Pr is 1.76 times less risky than Shenzhen Sunlord. The stock trades about -0.13 of its potential returns per unit of risk. The Shenzhen Sunlord Electronics is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 2,296 in Shenzhen Sunlord Electronics on September 22, 2024 and sell it today you would earn a total of 979.00 from holding Shenzhen Sunlord Electronics or generate 42.64% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 93.75% |
Values | Daily Returns |
Armada Hflr Pr vs. Shenzhen Sunlord Electronics
Performance |
Timeline |
Armada Hflr Pr |
Shenzhen Sunlord Ele |
Armada Hflr and Shenzhen Sunlord Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Armada Hflr and Shenzhen Sunlord
The main advantage of trading using opposite Armada Hflr and Shenzhen Sunlord positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Armada Hflr position performs unexpectedly, Shenzhen Sunlord 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 Sunlord will offset losses from the drop in Shenzhen Sunlord's long position.Armada Hflr vs. Modiv Inc | ||
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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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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