Correlation Between Shang Gong and CECO Environmental

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Can any of the company-specific risk be diversified away by investing in both Shang Gong and CECO Environmental at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Shang Gong and CECO Environmental into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Shang Gong Group and CECO Environmental Corp, you can compare the effects of market volatilities on Shang Gong 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 Shang Gong with a short position of CECO Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shang Gong and CECO Environmental.

Diversification Opportunities for Shang Gong and CECO Environmental

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Shang and CECO is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Shang Gong Group 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 Shang Gong 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 Shang Gong Group 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 Shang Gong i.e., Shang Gong and CECO Environmental go up and down completely randomly.

Pair Corralation between Shang Gong and CECO Environmental

If you would invest  5,188  in CECO Environmental Corp on September 13, 2025 and sell it today you would earn a total of  901.00  from holding CECO Environmental Corp or generate 17.37% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Shang Gong Group  vs.  CECO Environmental Corp

 Performance 
       Timeline  
Shang Gong Group 

Risk-Adjusted Performance

Weakest

 
Weak
 
Strong
Over the last 90 days Shang Gong Group has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Shang Gong is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.
CECO Environmental Corp 

Risk-Adjusted Performance

Fair

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in CECO Environmental Corp are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. In spite of very uncertain fundamental indicators, CECO Environmental displayed solid returns over the last few months and may actually be approaching a breakup point.

Shang Gong and CECO Environmental Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Shang Gong and CECO Environmental

The main advantage of trading using opposite Shang Gong and CECO Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shang Gong 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.
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The idea behind Shang Gong Group and CECO Environmental Corp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.

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