Correlation Between Guangzhou KingTeller and Yuan Longping
Specify exactly 2 symbols:
By analyzing existing cross correlation between Guangzhou KingTeller Technology and Yuan Longping High tech, you can compare the effects of market volatilities on Guangzhou KingTeller and Yuan Longping 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 Guangzhou KingTeller with a short position of Yuan Longping. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou KingTeller and Yuan Longping.
Diversification Opportunities for Guangzhou KingTeller and Yuan Longping
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Guangzhou and Yuan is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou KingTeller Technolog and Yuan Longping High tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yuan Longping High and Guangzhou KingTeller 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 Guangzhou KingTeller Technology are associated (or correlated) with Yuan Longping. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yuan Longping High has no effect on the direction of Guangzhou KingTeller i.e., Guangzhou KingTeller and Yuan Longping go up and down completely randomly.
Pair Corralation between Guangzhou KingTeller and Yuan Longping
Assuming the 90 days trading horizon Guangzhou KingTeller Technology is expected to generate 2.13 times more return on investment than Yuan Longping. However, Guangzhou KingTeller is 2.13 times more volatile than Yuan Longping High tech. It trades about 0.04 of its potential returns per unit of risk. Yuan Longping High tech is currently generating about -0.08 per unit of risk. If you would invest 479.00 in Guangzhou KingTeller Technology on October 22, 2024 and sell it today you would earn a total of 22.00 from holding Guangzhou KingTeller Technology or generate 4.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 97.67% |
| Values | Daily Returns |
Guangzhou KingTeller Technolog vs. Yuan Longping High tech
Performance |
| Timeline |
| Guangzhou KingTeller |
| Yuan Longping High |
Guangzhou KingTeller and Yuan Longping Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou KingTeller and Yuan Longping
The main advantage of trading using opposite Guangzhou KingTeller and Yuan Longping positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou KingTeller position performs unexpectedly, Yuan Longping 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 Yuan Longping will offset losses from the drop in Yuan Longping's long position.| Guangzhou KingTeller vs. APT Medical | Guangzhou KingTeller vs. Citic Offshore Helicopter | Guangzhou KingTeller vs. Shenzhen Glory Medical | Guangzhou KingTeller vs. Integrated Electronic Systems |
| Yuan Longping vs. Pengxin International Mining | Yuan Longping vs. Chenzhou Jingui Silver | Yuan Longping vs. Zhongjing Food Co | Yuan Longping vs. JCHX Mining Management |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |