Correlation Between GRG Banking and Yili Chuanning
Specify exactly 2 symbols:
By analyzing existing cross correlation between GRG Banking Equipment and Yili Chuanning Biotechnology, you can compare the effects of market volatilities on GRG Banking and Yili Chuanning 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 Yili Chuanning. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRG Banking and Yili Chuanning.
Diversification Opportunities for GRG Banking and Yili Chuanning
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between GRG and Yili is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding GRG Banking Equipment and Yili Chuanning Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yili Chuanning Biote 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 Yili Chuanning. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yili Chuanning Biote has no effect on the direction of GRG Banking i.e., GRG Banking and Yili Chuanning go up and down completely randomly.
Pair Corralation between GRG Banking and Yili Chuanning
Assuming the 90 days trading horizon GRG Banking is expected to generate 1.2 times less return on investment than Yili Chuanning. But when comparing it to its historical volatility, GRG Banking Equipment is 1.36 times less risky than Yili Chuanning. It trades about 0.04 of its potential returns per unit of risk. Yili Chuanning Biotechnology is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 981.00 in Yili Chuanning Biotechnology on September 3, 2024 and sell it today you would earn a total of 340.00 from holding Yili Chuanning Biotechnology or generate 34.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 97.9% |
| Values | Daily Returns |
GRG Banking Equipment vs. Yili Chuanning Biotechnology
Performance |
| Timeline |
| GRG Banking Equipment |
| Yili Chuanning Biote |
GRG Banking and Yili Chuanning Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRG Banking and Yili Chuanning
The main advantage of trading using opposite GRG Banking and Yili Chuanning positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRG Banking position performs unexpectedly, Yili Chuanning 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 Yili Chuanning will offset losses from the drop in Yili Chuanning's long position.| GRG Banking vs. Agricultural Bank of | GRG Banking vs. China Construction Bank | GRG Banking vs. Postal Savings Bank | GRG Banking vs. Bank of Communications |
| Yili Chuanning vs. Chengdu Kanghua Biological | Yili Chuanning vs. Beijing Wantai Biological | Yili Chuanning vs. Suzhou Novoprotein Scientific | Yili Chuanning vs. Aluminum Corp of |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |