Correlation Between GRG Banking and Impulse Qingdao
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By analyzing existing cross correlation between GRG Banking Equipment and Impulse Qingdao Health, you can compare the effects of market volatilities on GRG Banking and Impulse Qingdao 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 Impulse Qingdao. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRG Banking and Impulse Qingdao.
Diversification Opportunities for GRG Banking and Impulse Qingdao
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between GRG and Impulse is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding GRG Banking Equipment and Impulse Qingdao Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impulse Qingdao Health 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 Impulse Qingdao. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Impulse Qingdao Health has no effect on the direction of GRG Banking i.e., GRG Banking and Impulse Qingdao go up and down completely randomly.
Pair Corralation between GRG Banking and Impulse Qingdao
Assuming the 90 days trading horizon GRG Banking Equipment is expected to generate 0.96 times more return on investment than Impulse Qingdao. However, GRG Banking Equipment is 1.05 times less risky than Impulse Qingdao. It trades about 0.06 of its potential returns per unit of risk. Impulse Qingdao Health is currently generating about -0.04 per unit of risk. If you would invest 1,267 in GRG Banking Equipment on September 12, 2024 and sell it today you would earn a total of 43.00 from holding GRG Banking Equipment or generate 3.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRG Banking Equipment vs. Impulse Qingdao Health
Performance |
| Timeline |
| GRG Banking Equipment |
| Impulse Qingdao Health |
GRG Banking and Impulse Qingdao Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRG Banking and Impulse Qingdao
The main advantage of trading using opposite GRG Banking and Impulse Qingdao positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRG Banking position performs unexpectedly, Impulse Qingdao 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 Impulse Qingdao will offset losses from the drop in Impulse Qingdao's long position.| GRG Banking vs. Gansu Jiu Steel | GRG Banking vs. Shandong Mining Machinery | GRG Banking vs. Aba Chemicals Corp | GRG Banking vs. BlueFocus Communication Group |
| Impulse Qingdao vs. Lutian Machinery Co | Impulse Qingdao vs. PetroChina Co Ltd | Impulse Qingdao vs. Bank of China | Impulse Qingdao vs. Gansu Jiu Steel |
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.
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