Correlation Between Dongguan Chitwing and CECO Environmental
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By analyzing existing cross correlation between Dongguan Chitwing Technology and CECO Environmental Corp, you can compare the effects of market volatilities on Dongguan Chitwing and CECO Environmental 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 Dongguan Chitwing with a short position of CECO Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dongguan Chitwing and CECO Environmental.
Diversification Opportunities for Dongguan Chitwing and CECO Environmental
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Dongguan and CECO is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Dongguan Chitwing Technology and CECO Environmental Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CECO Environmental Corp and Dongguan Chitwing 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 Dongguan Chitwing Technology are associated (or correlated) with CECO Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CECO Environmental Corp has no effect on the direction of Dongguan Chitwing i.e., Dongguan Chitwing and CECO Environmental go up and down completely randomly.
Pair Corralation between Dongguan Chitwing and CECO Environmental
Assuming the 90 days trading horizon Dongguan Chitwing is expected to generate 5.59 times less return on investment than CECO Environmental. But when comparing it to its historical volatility, Dongguan Chitwing Technology is 1.35 times less risky than CECO Environmental. It trades about 0.03 of its potential returns per unit of risk. CECO Environmental Corp is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 4,528 in CECO Environmental Corp on September 9, 2025 and sell it today you would earn a total of 965.00 from holding CECO Environmental Corp or generate 21.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.77% |
| Values | Daily Returns |
Dongguan Chitwing Technology vs. CECO Environmental Corp
Performance |
| Timeline |
| Dongguan Chitwing |
| CECO Environmental Corp |
Dongguan Chitwing and CECO Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dongguan Chitwing and CECO Environmental
The main advantage of trading using opposite Dongguan Chitwing and CECO Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dongguan Chitwing position performs unexpectedly, CECO Environmental 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 CECO Environmental will offset losses from the drop in CECO Environmental's long position.| Dongguan Chitwing vs. Industrial and Commercial | Dongguan Chitwing vs. Agricultural Bank of | Dongguan Chitwing vs. China Construction Bank | Dongguan Chitwing vs. China Mobile Limited |
| CECO Environmental vs. Purecycle Technologies Holdings | CECO Environmental vs. V2X Inc | CECO Environmental vs. Steelcase | CECO Environmental vs. Helios Technologies |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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