Correlation Between Senmiao Technology and CROWN
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By analyzing existing cross correlation between Senmiao Technology and CROWN CASTLE INTERNATIONAL, you can compare the effects of market volatilities on Senmiao Technology and CROWN 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 Senmiao Technology with a short position of CROWN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Senmiao Technology and CROWN.
Diversification Opportunities for Senmiao Technology and CROWN
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Senmiao and CROWN is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Senmiao Technology and CROWN CASTLE INTERNATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CROWN CASTLE INTERNA and Senmiao Technology 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 Senmiao Technology are associated (or correlated) with CROWN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CROWN CASTLE INTERNA has no effect on the direction of Senmiao Technology i.e., Senmiao Technology and CROWN go up and down completely randomly.
Pair Corralation between Senmiao Technology and CROWN
Given the investment horizon of 90 days Senmiao Technology is expected to generate 7.68 times more return on investment than CROWN. However, Senmiao Technology is 7.68 times more volatile than CROWN CASTLE INTERNATIONAL. It trades about 0.02 of its potential returns per unit of risk. CROWN CASTLE INTERNATIONAL is currently generating about -0.1 per unit of risk. If you would invest 87.00 in Senmiao Technology on October 23, 2024 and sell it today you would earn a total of 0.00 from holding Senmiao Technology or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Senmiao Technology vs. CROWN CASTLE INTERNATIONAL
Performance |
Timeline |
Senmiao Technology |
CROWN CASTLE INTERNA |
Senmiao Technology and CROWN Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Senmiao Technology and CROWN
The main advantage of trading using opposite Senmiao Technology and CROWN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Senmiao Technology position performs unexpectedly, CROWN 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 CROWN will offset losses from the drop in CROWN's long position.Senmiao Technology vs. X Financial Class | Senmiao Technology vs. Yirendai | Senmiao Technology vs. Pintec Technology Holdings | Senmiao Technology vs. Qudian 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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