Correlation Between GRG Banking and AVIC Fund
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By analyzing existing cross correlation between GRG Banking Equipment and AVIC Fund Management, you can compare the effects of market volatilities on GRG Banking and AVIC Fund 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 AVIC Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRG Banking and AVIC Fund.
Diversification Opportunities for GRG Banking and AVIC Fund
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between GRG and AVIC is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding GRG Banking Equipment and AVIC Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AVIC Fund Management 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 AVIC Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AVIC Fund Management has no effect on the direction of GRG Banking i.e., GRG Banking and AVIC Fund go up and down completely randomly.
Pair Corralation between GRG Banking and AVIC Fund
Assuming the 90 days trading horizon GRG Banking Equipment is expected to generate 16.24 times more return on investment than AVIC Fund. However, GRG Banking is 16.24 times more volatile than AVIC Fund Management. It trades about 0.09 of its potential returns per unit of risk. AVIC Fund Management is currently generating about 0.21 per unit of risk. If you would invest 1,232 in GRG Banking Equipment on September 1, 2024 and sell it today you would earn a total of 74.00 from holding GRG Banking Equipment or generate 6.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRG Banking Equipment vs. AVIC Fund Management
Performance |
| Timeline |
| GRG Banking Equipment |
| AVIC Fund Management |
GRG Banking and AVIC Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRG Banking and AVIC Fund
The main advantage of trading using opposite GRG Banking and AVIC Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRG Banking position performs unexpectedly, AVIC Fund 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 AVIC Fund will offset losses from the drop in AVIC Fund's long position.| GRG Banking vs. Semiconductor Manufacturing Intl | GRG Banking vs. Anhui Conch Cement | GRG Banking vs. Sungrow Power Supply | GRG Banking vs. Shenzhen New Nanshan |
| AVIC Fund vs. Industrial and Commercial | AVIC Fund vs. Kweichow Moutai Co | AVIC Fund vs. Agricultural Bank of | AVIC Fund vs. China Mobile Limited |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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