Correlation Between StarPower Semiconductor and Jiangsu Yueda
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By analyzing existing cross correlation between StarPower Semiconductor and Jiangsu Yueda Investment, you can compare the effects of market volatilities on StarPower Semiconductor and Jiangsu Yueda 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 StarPower Semiconductor with a short position of Jiangsu Yueda. Check out your portfolio center. Please also check ongoing floating volatility patterns of StarPower Semiconductor and Jiangsu Yueda.
Diversification Opportunities for StarPower Semiconductor and Jiangsu Yueda
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between StarPower and Jiangsu is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding StarPower Semiconductor and Jiangsu Yueda Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Yueda Investment and StarPower Semiconductor 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 StarPower Semiconductor are associated (or correlated) with Jiangsu Yueda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Yueda Investment has no effect on the direction of StarPower Semiconductor i.e., StarPower Semiconductor and Jiangsu Yueda go up and down completely randomly.
Pair Corralation between StarPower Semiconductor and Jiangsu Yueda
Assuming the 90 days trading horizon StarPower Semiconductor is expected to generate 0.56 times more return on investment than Jiangsu Yueda. However, StarPower Semiconductor is 1.78 times less risky than Jiangsu Yueda. It trades about 0.05 of its potential returns per unit of risk. Jiangsu Yueda Investment is currently generating about -0.03 per unit of risk. If you would invest 9,760 in StarPower Semiconductor on September 24, 2024 and sell it today you would earn a total of 113.00 from holding StarPower Semiconductor or generate 1.16% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 95.45% |
Values | Daily Returns |
StarPower Semiconductor vs. Jiangsu Yueda Investment
Performance |
Timeline |
StarPower Semiconductor |
Jiangsu Yueda Investment |
StarPower Semiconductor and Jiangsu Yueda Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with StarPower Semiconductor and Jiangsu Yueda
The main advantage of trading using opposite StarPower Semiconductor and Jiangsu Yueda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if StarPower Semiconductor position performs unexpectedly, Jiangsu Yueda 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 Jiangsu Yueda will offset losses from the drop in Jiangsu Yueda's long position.StarPower Semiconductor vs. Ming Yang Smart | StarPower Semiconductor vs. 159681 | StarPower Semiconductor vs. 159005 | StarPower Semiconductor vs. Loctek Ergonomic Technology |
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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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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