Correlation Between StarPower Semiconductor and Hongda
Specify exactly 2 symbols:
By analyzing existing cross correlation between StarPower Semiconductor and Hongda, you can compare the effects of market volatilities on StarPower Semiconductor and Hongda 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 Hongda. Check out your portfolio center. Please also check ongoing floating volatility patterns of StarPower Semiconductor and Hongda.
Diversification Opportunities for StarPower Semiconductor and Hongda
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between StarPower and Hongda is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding StarPower Semiconductor and Hongda in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hongda 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 Hongda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hongda has no effect on the direction of StarPower Semiconductor i.e., StarPower Semiconductor and Hongda go up and down completely randomly.
Pair Corralation between StarPower Semiconductor and Hongda
Assuming the 90 days trading horizon StarPower Semiconductor is expected to under-perform the Hongda. In addition to that, StarPower Semiconductor is 1.06 times more volatile than Hongda. It trades about -0.03 of its total potential returns per unit of risk. Hongda is currently generating about -0.02 per unit of volatility. If you would invest 1,122 in Hongda on September 11, 2025 and sell it today you would lose (52.00) from holding Hongda or give up 4.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
StarPower Semiconductor vs. Hongda
Performance |
| Timeline |
| StarPower Semiconductor |
| Hongda |
Risk-Adjusted Performance
Weakest
Weak | Strong |
StarPower Semiconductor and Hongda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with StarPower Semiconductor and Hongda
The main advantage of trading using opposite StarPower Semiconductor and Hongda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if StarPower Semiconductor position performs unexpectedly, Hongda 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 Hongda will offset losses from the drop in Hongda's long position.| StarPower Semiconductor vs. Bank of Communications | StarPower Semiconductor vs. Industrial Bank Co | StarPower Semiconductor vs. Agricultural Bank of | StarPower Semiconductor vs. China Construction Bank |
| Hongda vs. Integrated Electronic Systems | Hongda vs. Cicc Fund Management | Hongda vs. Beijing YanDong MicroElectronic | Hongda vs. Goke Microelectronics Co |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |