Correlation Between Guangzhou KingTeller and Olympic Circuit
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By analyzing existing cross correlation between Guangzhou KingTeller Technology and Olympic Circuit Technology, you can compare the effects of market volatilities on Guangzhou KingTeller and Olympic Circuit 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 Olympic Circuit. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou KingTeller and Olympic Circuit.
Diversification Opportunities for Guangzhou KingTeller and Olympic Circuit
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Guangzhou and Olympic is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou KingTeller Technolog and Olympic Circuit Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Olympic Circuit Tech 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 Olympic Circuit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Olympic Circuit Tech has no effect on the direction of Guangzhou KingTeller i.e., Guangzhou KingTeller and Olympic Circuit go up and down completely randomly.
Pair Corralation between Guangzhou KingTeller and Olympic Circuit
Assuming the 90 days trading horizon Guangzhou KingTeller is expected to generate 2.44 times less return on investment than Olympic Circuit. In addition to that, Guangzhou KingTeller is 1.04 times more volatile than Olympic Circuit Technology. It trades about 0.04 of its total potential returns per unit of risk. Olympic Circuit Technology is currently generating about 0.1 per unit of volatility. If you would invest 1,503 in Olympic Circuit Technology on October 20, 2024 and sell it today you would earn a total of 1,836 from holding Olympic Circuit Technology or generate 122.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou KingTeller Technolog vs. Olympic Circuit Technology
Performance |
| Timeline |
| Guangzhou KingTeller |
| Olympic Circuit Tech |
Guangzhou KingTeller and Olympic Circuit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou KingTeller and Olympic Circuit
The main advantage of trading using opposite Guangzhou KingTeller and Olympic Circuit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou KingTeller position performs unexpectedly, Olympic Circuit 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 Olympic Circuit will offset losses from the drop in Olympic Circuit's long position.| Guangzhou KingTeller vs. ButOne Information Corp | Guangzhou KingTeller vs. CITIC Guoan Information | Guangzhou KingTeller vs. Runjian Communication Co | Guangzhou KingTeller vs. Fujian Newland Computer |
| Olympic Circuit vs. Dongguan Tarry Electronics | Olympic Circuit vs. YiDong Electronics Technology | Olympic Circuit vs. Giantec Semiconductor Corp | Olympic Circuit vs. GRINM Semiconductor Materials |
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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