Correlation Between Sino AG and TSOGO SUN
Can any of the company-specific risk be diversified away by investing in both Sino AG and TSOGO SUN 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 Sino AG and TSOGO SUN into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sino AG and TSOGO SUN GAMING, you can compare the effects of market volatilities on Sino AG and TSOGO SUN 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 Sino AG with a short position of TSOGO SUN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sino AG and TSOGO SUN.
Diversification Opportunities for Sino AG and TSOGO SUN
Pay attention - limited upside
The 3 months correlation between Sino and TSOGO is -0.82. Overlapping area represents the amount of risk that can be diversified away by holding Sino AG and TSOGO SUN GAMING in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TSOGO SUN GAMING and Sino AG 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 Sino AG are associated (or correlated) with TSOGO SUN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TSOGO SUN GAMING has no effect on the direction of Sino AG i.e., Sino AG and TSOGO SUN go up and down completely randomly.
Pair Corralation between Sino AG and TSOGO SUN
Assuming the 90 days horizon Sino AG is expected to generate 0.95 times more return on investment than TSOGO SUN. However, Sino AG is 1.05 times less risky than TSOGO SUN. It trades about 0.14 of its potential returns per unit of risk. TSOGO SUN GAMING is currently generating about -0.04 per unit of risk. If you would invest 9,180 in Sino AG on April 20, 2025 and sell it today you would earn a total of 1,370 from holding Sino AG or generate 14.92% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Sino AG vs. TSOGO SUN GAMING
Performance |
Timeline |
Sino AG |
TSOGO SUN GAMING |
Sino AG and TSOGO SUN Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sino AG and TSOGO SUN
The main advantage of trading using opposite Sino AG and TSOGO SUN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sino AG position performs unexpectedly, TSOGO SUN 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 TSOGO SUN will offset losses from the drop in TSOGO SUN's long position.Microsoft vs. Sino AG | ||
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The effect of pair diversification on risk is to reduce it, but we should note this doesn't apply to all risk types. When we trade pairs against Sino AG as a counterpart, there is always some inherent risk that will never be diversified away no matter what. This volatility limits the effect of tactical diversification using pair trading. Sino AG's systematic risk is the inherent uncertainty of the entire market, and therefore cannot be mitigated even by pair-trading it against the equity that is not highly correlated to it. On the other hand, Sino AG's unsystematic risk describes the types of risk that we can protect against, at least to some degree, by selecting a matching pair that is not perfectly correlated to Sino AG.
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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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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