Correlation Between Guocheng Mining and Poly Real
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By analyzing existing cross correlation between Guocheng Mining Co and Poly Real Estate, you can compare the effects of market volatilities on Guocheng Mining and Poly Real 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 Guocheng Mining with a short position of Poly Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guocheng Mining and Poly Real.
Diversification Opportunities for Guocheng Mining and Poly Real
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Guocheng and Poly is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Guocheng Mining Co and Poly Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Poly Real Estate and Guocheng Mining 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 Guocheng Mining Co are associated (or correlated) with Poly Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Poly Real Estate has no effect on the direction of Guocheng Mining i.e., Guocheng Mining and Poly Real go up and down completely randomly.
Pair Corralation between Guocheng Mining and Poly Real
Assuming the 90 days trading horizon Guocheng Mining Co is expected to generate 1.2 times more return on investment than Poly Real. However, Guocheng Mining is 1.2 times more volatile than Poly Real Estate. It trades about -0.02 of its potential returns per unit of risk. Poly Real Estate is currently generating about -0.04 per unit of risk. If you would invest 1,779 in Guocheng Mining Co on October 30, 2024 and sell it today you would lose (591.00) from holding Guocheng Mining Co or give up 33.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guocheng Mining Co vs. Poly Real Estate
Performance |
| Timeline |
| Guocheng Mining |
| Poly Real Estate |
Guocheng Mining and Poly Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guocheng Mining and Poly Real
The main advantage of trading using opposite Guocheng Mining and Poly Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guocheng Mining position performs unexpectedly, Poly Real 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 Poly Real will offset losses from the drop in Poly Real's long position.| Guocheng Mining vs. UCloud Technology Co | Guocheng Mining vs. Dymatic Chemicals | Guocheng Mining vs. Northking Information Technology | Guocheng Mining vs. Jinyu Bio Technology Co |
| Poly Real vs. Guangzhou Restaurants Group | Poly Real vs. Easyhome New Retail | Poly Real vs. Shandong Sanyuan Biotechnology | Poly Real vs. Luolai Home Textile |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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