Correlation Between Shanghai Sanyou and Tieling Newcity
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By analyzing existing cross correlation between Shanghai Sanyou Medical and Tieling Newcity Investment, you can compare the effects of market volatilities on Shanghai Sanyou and Tieling Newcity 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 Shanghai Sanyou with a short position of Tieling Newcity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Sanyou and Tieling Newcity.
Diversification Opportunities for Shanghai Sanyou and Tieling Newcity
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shanghai and Tieling is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Sanyou Medical and Tieling Newcity Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tieling Newcity Inve and Shanghai Sanyou 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 Shanghai Sanyou Medical are associated (or correlated) with Tieling Newcity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tieling Newcity Inve has no effect on the direction of Shanghai Sanyou i.e., Shanghai Sanyou and Tieling Newcity go up and down completely randomly.
Pair Corralation between Shanghai Sanyou and Tieling Newcity
Assuming the 90 days trading horizon Shanghai Sanyou Medical is expected to under-perform the Tieling Newcity. But the stock apears to be less risky and, when comparing its historical volatility, Shanghai Sanyou Medical is 1.05 times less risky than Tieling Newcity. The stock trades about -0.02 of its potential returns per unit of risk. The Tieling Newcity Investment is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 291.00 in Tieling Newcity Investment on August 16, 2025 and sell it today you would earn a total of 95.00 from holding Tieling Newcity Investment or generate 32.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.31% |
| Values | Daily Returns |
Shanghai Sanyou Medical vs. Tieling Newcity Investment
Performance |
| Timeline |
| Shanghai Sanyou Medical |
| Tieling Newcity Inve |
Shanghai Sanyou and Tieling Newcity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Sanyou and Tieling Newcity
The main advantage of trading using opposite Shanghai Sanyou and Tieling Newcity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Sanyou position performs unexpectedly, Tieling Newcity 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 Tieling Newcity will offset losses from the drop in Tieling Newcity's long position.| Shanghai Sanyou vs. HengFeng Information Technology | Shanghai Sanyou vs. GRINM Semiconductor Materials | Shanghai Sanyou vs. Tianshan Aluminum Group | Shanghai Sanyou vs. Southchip Semiconductor Technology |
| Tieling Newcity vs. Eastroc Beverage Group | Tieling Newcity vs. Qingdao Foods Co | Tieling Newcity vs. Harbin Air Conditioning | Tieling Newcity vs. Shandong Huifa Foodstuff |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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