Correlation Between Gotion High and Grandblue Environment
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By analyzing existing cross correlation between Gotion High tech and Grandblue Environment Co, you can compare the effects of market volatilities on Gotion High and Grandblue Environment 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 Gotion High with a short position of Grandblue Environment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gotion High and Grandblue Environment.
Diversification Opportunities for Gotion High and Grandblue Environment
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Gotion and Grandblue is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Gotion High tech and Grandblue Environment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grandblue Environment and Gotion High 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 Gotion High tech are associated (or correlated) with Grandblue Environment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grandblue Environment has no effect on the direction of Gotion High i.e., Gotion High and Grandblue Environment go up and down completely randomly.
Pair Corralation between Gotion High and Grandblue Environment
Assuming the 90 days trading horizon Gotion High tech is expected to under-perform the Grandblue Environment. In addition to that, Gotion High is 1.2 times more volatile than Grandblue Environment Co. It trades about -0.37 of its total potential returns per unit of risk. Grandblue Environment Co is currently generating about 0.27 per unit of volatility. If you would invest 2,152 in Grandblue Environment Co on September 25, 2024 and sell it today you would earn a total of 173.00 from holding Grandblue Environment Co or generate 8.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gotion High tech vs. Grandblue Environment Co
Performance |
| Timeline |
| Gotion High tech |
| Grandblue Environment |
Gotion High and Grandblue Environment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gotion High and Grandblue Environment
The main advantage of trading using opposite Gotion High and Grandblue Environment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gotion High position performs unexpectedly, Grandblue Environment 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 Grandblue Environment will offset losses from the drop in Grandblue Environment's long position.| Gotion High vs. Kweichow Moutai Co | Gotion High vs. Contemporary Amperex Technology | Gotion High vs. G bits Network Technology | Gotion High vs. BYD Co Ltd |
| Grandblue Environment vs. Jiangsu Yanghe Brewery | Grandblue Environment vs. JuneYao Dairy Co | Grandblue Environment vs. Zhengzhou Qianweiyangchu Food | Grandblue Environment vs. Great Sun Foods Co |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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