Correlation Between GRG Banking and Hunan Mendale
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By analyzing existing cross correlation between GRG Banking Equipment and Hunan Mendale Hometextile, you can compare the effects of market volatilities on GRG Banking and Hunan Mendale 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 Hunan Mendale. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRG Banking and Hunan Mendale.
Diversification Opportunities for GRG Banking and Hunan Mendale
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GRG and Hunan is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding GRG Banking Equipment and Hunan Mendale Hometextile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan Mendale Hometextile 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 Hunan Mendale. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan Mendale Hometextile has no effect on the direction of GRG Banking i.e., GRG Banking and Hunan Mendale go up and down completely randomly.
Pair Corralation between GRG Banking and Hunan Mendale
Assuming the 90 days trading horizon GRG Banking Equipment is expected to under-perform the Hunan Mendale. But the stock apears to be less risky and, when comparing its historical volatility, GRG Banking Equipment is 2.04 times less risky than Hunan Mendale. The stock trades about -0.05 of its potential returns per unit of risk. The Hunan Mendale Hometextile is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 274.00 in Hunan Mendale Hometextile on November 6, 2024 and sell it today you would earn a total of 35.00 from holding Hunan Mendale Hometextile or generate 12.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRG Banking Equipment vs. Hunan Mendale Hometextile
Performance |
| Timeline |
| GRG Banking Equipment |
| Hunan Mendale Hometextile |
GRG Banking and Hunan Mendale Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRG Banking and Hunan Mendale
The main advantage of trading using opposite GRG Banking and Hunan Mendale positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRG Banking position performs unexpectedly, Hunan Mendale 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 Hunan Mendale will offset losses from the drop in Hunan Mendale's long position.| GRG Banking vs. Vanfund Urban Investment | GRG Banking vs. Harbin Hatou Investment | GRG Banking vs. Hefei Metalforming Mach | GRG Banking vs. Jointo Energy Investment |
| Hunan Mendale vs. Daoming OpticsChemical Co | Hunan Mendale vs. Liuzhou Chemical Industry | Hunan Mendale vs. Shenzhen Noposion Agrochemicals | Hunan Mendale vs. Hengli Petrochemical 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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