Correlation Between GRG Banking and Citic Offshore
Specify exactly 2 symbols:
By analyzing existing cross correlation between GRG Banking Equipment and Citic Offshore Helicopter, you can compare the effects of market volatilities on GRG Banking and Citic Offshore 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 GRG Banking with a short position of Citic Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRG Banking and Citic Offshore.
Diversification Opportunities for GRG Banking and Citic Offshore
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between GRG and Citic is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding GRG Banking Equipment and Citic Offshore Helicopter in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citic Offshore Helicopter and GRG Banking 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 GRG Banking Equipment are associated (or correlated) with Citic Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Citic Offshore Helicopter has no effect on the direction of GRG Banking i.e., GRG Banking and Citic Offshore go up and down completely randomly.
Pair Corralation between GRG Banking and Citic Offshore
Assuming the 90 days trading horizon GRG Banking Equipment is expected to under-perform the Citic Offshore. But the stock apears to be less risky and, when comparing its historical volatility, GRG Banking Equipment is 1.99 times less risky than Citic Offshore. The stock trades about -0.19 of its potential returns per unit of risk. The Citic Offshore Helicopter is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 2,506 in Citic Offshore Helicopter on October 24, 2024 and sell it today you would lose (63.00) from holding Citic Offshore Helicopter or give up 2.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRG Banking Equipment vs. Citic Offshore Helicopter
Performance |
| Timeline |
| GRG Banking Equipment |
| Citic Offshore Helicopter |
GRG Banking and Citic Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRG Banking and Citic Offshore
The main advantage of trading using opposite GRG Banking and Citic Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRG Banking position performs unexpectedly, Citic Offshore 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 Citic Offshore will offset losses from the drop in Citic Offshore's long position.| GRG Banking vs. Runjian Communication Co | GRG Banking vs. FSPG Hi Tech Co | GRG Banking vs. Tianjin Hi Tech Development | GRG Banking vs. JS Corrugating Machinery |
| Citic Offshore vs. Ningbo Tech Bank Co | Citic Offshore vs. Unisplendour Corp | Citic Offshore vs. GRG Banking Equipment | Citic Offshore vs. Industrial Bank 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |