Correlation Between GRG Banking and Shantou Wanshun
Specify exactly 2 symbols:
By analyzing existing cross correlation between GRG Banking Equipment and Shantou Wanshun Package, you can compare the effects of market volatilities on GRG Banking and Shantou Wanshun 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 Shantou Wanshun. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRG Banking and Shantou Wanshun.
Diversification Opportunities for GRG Banking and Shantou Wanshun
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between GRG and Shantou is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding GRG Banking Equipment and Shantou Wanshun Package in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shantou Wanshun Package 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 Shantou Wanshun. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shantou Wanshun Package has no effect on the direction of GRG Banking i.e., GRG Banking and Shantou Wanshun go up and down completely randomly.
Pair Corralation between GRG Banking and Shantou Wanshun
Assuming the 90 days trading horizon GRG Banking Equipment is expected to generate 0.73 times more return on investment than Shantou Wanshun. However, GRG Banking Equipment is 1.36 times less risky than Shantou Wanshun. It trades about 0.14 of its potential returns per unit of risk. Shantou Wanshun Package is currently generating about 0.05 per unit of risk. If you would invest 1,212 in GRG Banking Equipment on November 30, 2024 and sell it today you would earn a total of 214.00 from holding GRG Banking Equipment or generate 17.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRG Banking Equipment vs. Shantou Wanshun Package
Performance |
| Timeline |
| GRG Banking Equipment |
| Shantou Wanshun Package |
GRG Banking and Shantou Wanshun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRG Banking and Shantou Wanshun
The main advantage of trading using opposite GRG Banking and Shantou Wanshun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRG Banking position performs unexpectedly, Shantou Wanshun 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 Shantou Wanshun will offset losses from the drop in Shantou Wanshun's long position.| GRG Banking vs. Kuang Chi Technologies | GRG Banking vs. Giantec Semiconductor Corp | GRG Banking vs. Fiberhome Telecommunication Technologies | GRG Banking vs. Wintao Communications Co |
| Shantou Wanshun vs. Zhonghang Electronic Measuring | Shantou Wanshun vs. Epoxy Base Electronic | Shantou Wanshun vs. Aurora Optoelectronics Co | Shantou Wanshun vs. Grandblue Environment 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |