Correlation Between Goldlok Toys and Wuliangye Yibin
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By analyzing existing cross correlation between Goldlok Toys Holdings and Wuliangye Yibin Co, you can compare the effects of market volatilities on Goldlok Toys and Wuliangye Yibin 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 Goldlok Toys with a short position of Wuliangye Yibin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goldlok Toys and Wuliangye Yibin.
Diversification Opportunities for Goldlok Toys and Wuliangye Yibin
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Goldlok and Wuliangye is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Goldlok Toys Holdings and Wuliangye Yibin Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wuliangye Yibin and Goldlok Toys 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 Goldlok Toys Holdings are associated (or correlated) with Wuliangye Yibin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wuliangye Yibin has no effect on the direction of Goldlok Toys i.e., Goldlok Toys and Wuliangye Yibin go up and down completely randomly.
Pair Corralation between Goldlok Toys and Wuliangye Yibin
Assuming the 90 days trading horizon Goldlok Toys Holdings is expected to generate 1.63 times more return on investment than Wuliangye Yibin. However, Goldlok Toys is 1.63 times more volatile than Wuliangye Yibin Co. It trades about 0.02 of its potential returns per unit of risk. Wuliangye Yibin Co is currently generating about 0.02 per unit of risk. If you would invest 369.00 in Goldlok Toys Holdings on August 24, 2024 and sell it today you would earn a total of 8.00 from holding Goldlok Toys Holdings or generate 2.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Goldlok Toys Holdings vs. Wuliangye Yibin Co
Performance |
| Timeline |
| Goldlok Toys Holdings |
| Wuliangye Yibin |
Goldlok Toys and Wuliangye Yibin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goldlok Toys and Wuliangye Yibin
The main advantage of trading using opposite Goldlok Toys and Wuliangye Yibin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goldlok Toys position performs unexpectedly, Wuliangye Yibin 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 Wuliangye Yibin will offset losses from the drop in Wuliangye Yibin's long position.| Goldlok Toys vs. Kweichow Moutai Co | Goldlok Toys vs. Contemporary Amperex Technology | Goldlok Toys vs. G bits Network Technology | Goldlok Toys vs. Beijing Roborock Technology |
| Wuliangye Yibin vs. Kangxin New Materials | Wuliangye Yibin vs. Suzhou Xingye Material | Wuliangye Yibin vs. Goldlok Toys Holdings | Wuliangye Yibin vs. Chinese Universe Publishing |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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