Correlation Between Zhongrun Resources and GRINM Semiconductor
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By analyzing existing cross correlation between Zhongrun Resources Investment and GRINM Semiconductor Materials, you can compare the effects of market volatilities on Zhongrun Resources and GRINM Semiconductor 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 Zhongrun Resources with a short position of GRINM Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhongrun Resources and GRINM Semiconductor.
Diversification Opportunities for Zhongrun Resources and GRINM Semiconductor
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Zhongrun and GRINM is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Zhongrun Resources Investment and GRINM Semiconductor Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRINM Semiconductor and Zhongrun Resources 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 Zhongrun Resources Investment are associated (or correlated) with GRINM Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRINM Semiconductor has no effect on the direction of Zhongrun Resources i.e., Zhongrun Resources and GRINM Semiconductor go up and down completely randomly.
Pair Corralation between Zhongrun Resources and GRINM Semiconductor
Assuming the 90 days trading horizon Zhongrun Resources Investment is expected to generate 1.95 times more return on investment than GRINM Semiconductor. However, Zhongrun Resources is 1.95 times more volatile than GRINM Semiconductor Materials. It trades about 0.09 of its potential returns per unit of risk. GRINM Semiconductor Materials is currently generating about -0.18 per unit of risk. If you would invest 353.00 in Zhongrun Resources Investment on October 30, 2024 and sell it today you would earn a total of 38.00 from holding Zhongrun Resources Investment or generate 10.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhongrun Resources Investment vs. GRINM Semiconductor Materials
Performance |
| Timeline |
| Zhongrun Resources |
| GRINM Semiconductor |
Zhongrun Resources and GRINM Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhongrun Resources and GRINM Semiconductor
The main advantage of trading using opposite Zhongrun Resources and GRINM Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhongrun Resources position performs unexpectedly, GRINM Semiconductor 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 GRINM Semiconductor will offset losses from the drop in GRINM Semiconductor's long position.| Zhongrun Resources vs. Tibet Huayu Mining | Zhongrun Resources vs. New Hope Dairy | Zhongrun Resources vs. Jiajia Food Group | Zhongrun Resources vs. Guangdong Silvere Sci |
| GRINM Semiconductor vs. Lander Sports Development | GRINM Semiconductor vs. China Asset Management | GRINM Semiconductor vs. Mango Excellent Media | GRINM Semiconductor vs. Thinkingdom Media Group |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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