Correlation Between Tianjin Meiteng and Snap On
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By analyzing existing cross correlation between Tianjin Meiteng Technology and Snap On, you can compare the effects of market volatilities on Tianjin Meiteng and Snap On 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 Tianjin Meiteng with a short position of Snap On. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Meiteng and Snap On.
Diversification Opportunities for Tianjin Meiteng and Snap On
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Tianjin and Snap is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Meiteng Technology and Snap On in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Snap On and Tianjin Meiteng 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 Tianjin Meiteng Technology are associated (or correlated) with Snap On. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Snap On has no effect on the direction of Tianjin Meiteng i.e., Tianjin Meiteng and Snap On go up and down completely randomly.
Pair Corralation between Tianjin Meiteng and Snap On
Assuming the 90 days trading horizon Tianjin Meiteng Technology is expected to under-perform the Snap On. In addition to that, Tianjin Meiteng is 1.44 times more volatile than Snap On. It trades about -0.04 of its total potential returns per unit of risk. Snap On is currently generating about 0.13 per unit of volatility. If you would invest 32,492 in Snap On on October 10, 2025 and sell it today you would earn a total of 2,766 from holding Snap On or generate 8.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.39% |
| Values | Daily Returns |
Tianjin Meiteng Technology vs. Snap On
Performance |
| Timeline |
| Tianjin Meiteng Tech |
| Snap On |
Tianjin Meiteng and Snap On Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Meiteng and Snap On
The main advantage of trading using opposite Tianjin Meiteng and Snap On positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Meiteng position performs unexpectedly, Snap On 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 Snap On will offset losses from the drop in Snap On's long position.| Tianjin Meiteng vs. PKU HealthCare Corp | Tianjin Meiteng vs. Nexchip Semiconductor Corp | Tianjin Meiteng vs. By health | Tianjin Meiteng vs. Suzhou Oriental Semiconductor |
| Snap On vs. Lennox International | Snap On vs. Aecom Technology | Snap On vs. Expeditors International of | Snap On vs. Pentair PLC |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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