Correlation Between Shanxi Tond and Grandblue Environment
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By analyzing existing cross correlation between Shanxi Tond Chemical and Grandblue Environment Co, you can compare the effects of market volatilities on Shanxi Tond and Grandblue Environment 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 Shanxi Tond with a short position of Grandblue Environment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanxi Tond and Grandblue Environment.
Diversification Opportunities for Shanxi Tond and Grandblue Environment
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shanxi and Grandblue is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Shanxi Tond Chemical and Grandblue Environment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grandblue Environment and Shanxi Tond 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 Shanxi Tond Chemical are associated (or correlated) with Grandblue Environment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grandblue Environment has no effect on the direction of Shanxi Tond i.e., Shanxi Tond and Grandblue Environment go up and down completely randomly.
Pair Corralation between Shanxi Tond and Grandblue Environment
Assuming the 90 days trading horizon Shanxi Tond Chemical is expected to under-perform the Grandblue Environment. In addition to that, Shanxi Tond is 1.58 times more volatile than Grandblue Environment Co. It trades about -0.01 of its total potential returns per unit of risk. Grandblue Environment Co is currently generating about 0.03 per unit of volatility. If you would invest 1,997 in Grandblue Environment Co on September 25, 2024 and sell it today you would earn a total of 328.00 from holding Grandblue Environment Co or generate 16.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.75% |
| Values | Daily Returns |
Shanxi Tond Chemical vs. Grandblue Environment Co
Performance |
| Timeline |
| Shanxi Tond Chemical |
| Grandblue Environment |
Shanxi Tond and Grandblue Environment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanxi Tond and Grandblue Environment
The main advantage of trading using opposite Shanxi Tond and Grandblue Environment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanxi Tond position performs unexpectedly, Grandblue Environment 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 Grandblue Environment will offset losses from the drop in Grandblue Environment's long position.| Shanxi Tond vs. Zijin Mining Group | Shanxi Tond vs. Wanhua Chemical Group | Shanxi Tond vs. Baoshan Iron Steel | Shanxi Tond vs. Shandong Gold Mining |
| Grandblue Environment vs. Jiangsu Yanghe Brewery | Grandblue Environment vs. JuneYao Dairy Co | Grandblue Environment vs. Zhengzhou Qianweiyangchu Food | Grandblue Environment vs. Great Sun Foods Co |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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