Correlation Between Guocheng Mining and Saurer Intelligent
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By analyzing existing cross correlation between Guocheng Mining Co and Saurer Intelligent Technology, you can compare the effects of market volatilities on Guocheng Mining and Saurer Intelligent 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 Saurer Intelligent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guocheng Mining and Saurer Intelligent.
Diversification Opportunities for Guocheng Mining and Saurer Intelligent
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Guocheng and Saurer is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Guocheng Mining Co and Saurer Intelligent Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Saurer Intelligent 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 Saurer Intelligent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Saurer Intelligent has no effect on the direction of Guocheng Mining i.e., Guocheng Mining and Saurer Intelligent go up and down completely randomly.
Pair Corralation between Guocheng Mining and Saurer Intelligent
Assuming the 90 days trading horizon Guocheng Mining is expected to generate 2.61 times less return on investment than Saurer Intelligent. But when comparing it to its historical volatility, Guocheng Mining Co is 1.37 times less risky than Saurer Intelligent. It trades about 0.07 of its potential returns per unit of risk. Saurer Intelligent Technology is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 141.00 in Saurer Intelligent Technology on November 3, 2024 and sell it today you would earn a total of 110.00 from holding Saurer Intelligent Technology or generate 78.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guocheng Mining Co vs. Saurer Intelligent Technology
Performance |
| Timeline |
| Guocheng Mining |
| Saurer Intelligent |
Guocheng Mining and Saurer Intelligent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guocheng Mining and Saurer Intelligent
The main advantage of trading using opposite Guocheng Mining and Saurer Intelligent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guocheng Mining position performs unexpectedly, Saurer Intelligent 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 Saurer Intelligent will offset losses from the drop in Saurer Intelligent's long position.| Guocheng Mining vs. Industrial and Commercial | Guocheng Mining vs. Kweichow Moutai Co | Guocheng Mining vs. Agricultural Bank of | Guocheng Mining vs. China Mobile Limited |
| Saurer Intelligent vs. Industrial and Commercial | Saurer Intelligent vs. Kweichow Moutai Co | Saurer Intelligent vs. Agricultural Bank of | Saurer Intelligent vs. China Mobile Limited |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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