Correlation Between Sysmex and SSC Technologies

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Can any of the company-specific risk be diversified away by investing in both Sysmex and SSC Technologies 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 Sysmex and SSC Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sysmex and SSC Technologies Holdings, you can compare the effects of market volatilities on Sysmex and SSC Technologies 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 Sysmex with a short position of SSC Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sysmex and SSC Technologies.

Diversification Opportunities for Sysmex and SSC Technologies

0.32
  Correlation Coefficient

Weak diversification

The 3 months correlation between Sysmex and SSC Technologies is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Sysmex and SSC Technologies Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SSC Technologies Holdings and Sysmex 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 Sysmex are associated (or correlated) with SSC Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SSC Technologies Holdings has no effect on the direction of Sysmex i.e., Sysmex and SSC Technologies go up and down completely randomly.

Pair Corralation between Sysmex and SSC Technologies

Assuming the 90 days horizon Sysmex is expected to generate 11.63 times less return on investment than SSC Technologies. In addition to that, Sysmex is 2.02 times more volatile than SSC Technologies Holdings. It trades about 0.0 of its total potential returns per unit of risk. SSC Technologies Holdings is currently generating about 0.08 per unit of volatility. If you would invest  4,726  in SSC Technologies Holdings on September 10, 2022 and sell it today you would earn a total of  327.00  from holding SSC Technologies Holdings or generate 6.92% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Sysmex  vs.  SSC Technologies Holdings

 Performance (%) 
       Timeline  
Sysmex 
Sysmex Performance
0 of 100
Over the last 90 days Sysmex has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound basic indicators, Sysmex is not utilizing all of its potentials. The latest stock price tumult, may contribute to shorter-term losses for the shareholders.

Sysmex Price Channel

SSC Technologies Holdings 
SSC Technologies Performance
0 of 100
Over the last 90 days SSC Technologies Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest sluggish performance, the Stock's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the company investors.

SSC Technologies Price Channel

Sysmex and SSC Technologies Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Sysmex and SSC Technologies

The main advantage of trading using opposite Sysmex and SSC Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sysmex position performs unexpectedly, SSC Technologies 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 SSC Technologies will offset losses from the drop in SSC Technologies' long position.
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The idea behind Sysmex and SSC Technologies Holdings 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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.

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