Correlation Between Guangdong Jingyi and Gree Real
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By analyzing existing cross correlation between Guangdong Jingyi Metal and Gree Real Estate, you can compare the effects of market volatilities on Guangdong Jingyi and Gree Real 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 Guangdong Jingyi with a short position of Gree Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Jingyi and Gree Real.
Diversification Opportunities for Guangdong Jingyi and Gree Real
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Guangdong and Gree is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Jingyi Metal and Gree Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gree Real Estate and Guangdong Jingyi 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 Guangdong Jingyi Metal are associated (or correlated) with Gree Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gree Real Estate has no effect on the direction of Guangdong Jingyi i.e., Guangdong Jingyi and Gree Real go up and down completely randomly.
Pair Corralation between Guangdong Jingyi and Gree Real
Assuming the 90 days trading horizon Guangdong Jingyi is expected to generate 1.26 times less return on investment than Gree Real. But when comparing it to its historical volatility, Guangdong Jingyi Metal is 1.49 times less risky than Gree Real. It trades about 0.28 of its potential returns per unit of risk. Gree Real Estate is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 463.00 in Gree Real Estate on September 12, 2024 and sell it today you would earn a total of 325.00 from holding Gree Real Estate or generate 70.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 98.28% |
| Values | Daily Returns |
Guangdong Jingyi Metal vs. Gree Real Estate
Performance |
| Timeline |
| Guangdong Jingyi Metal |
| Gree Real Estate |
Guangdong Jingyi and Gree Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Jingyi and Gree Real
The main advantage of trading using opposite Guangdong Jingyi and Gree Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Jingyi position performs unexpectedly, Gree Real 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 Gree Real will offset losses from the drop in Gree Real's long position.| Guangdong Jingyi vs. Baoshan Iron Steel | Guangdong Jingyi vs. Shandong Gold Mining | Guangdong Jingyi vs. Inner Mongolia BaoTou | Guangdong Jingyi vs. Jiangxi Ganfeng Lithium |
| Gree Real vs. Lingyuan Iron Steel | Gree Real vs. Central Plains Environment | Gree Real vs. Dongjiang Environmental Co | Gree Real vs. Guangdong Jingyi Metal |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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