Correlation Between Guangdong Qunxing and GRINM Semiconductor
Specify exactly 2 symbols:
By analyzing existing cross correlation between Guangdong Qunxing Toys and GRINM Semiconductor Materials, you can compare the effects of market volatilities on Guangdong Qunxing and GRINM Semiconductor 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 Qunxing with a short position of GRINM Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Qunxing and GRINM Semiconductor.
Diversification Opportunities for Guangdong Qunxing and GRINM Semiconductor
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Guangdong and GRINM is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Qunxing Toys and GRINM Semiconductor Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRINM Semiconductor and Guangdong Qunxing 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 Qunxing Toys are associated (or correlated) with GRINM Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRINM Semiconductor has no effect on the direction of Guangdong Qunxing i.e., Guangdong Qunxing and GRINM Semiconductor go up and down completely randomly.
Pair Corralation between Guangdong Qunxing and GRINM Semiconductor
Assuming the 90 days trading horizon Guangdong Qunxing Toys is expected to generate 2.4 times more return on investment than GRINM Semiconductor. However, Guangdong Qunxing is 2.4 times more volatile than GRINM Semiconductor Materials. It trades about -0.14 of its potential returns per unit of risk. GRINM Semiconductor Materials is currently generating about -0.45 per unit of risk. If you would invest 799.00 in Guangdong Qunxing Toys on October 14, 2024 and sell it today you would lose (114.00) from holding Guangdong Qunxing Toys or give up 14.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Qunxing Toys vs. GRINM Semiconductor Materials
Performance |
| Timeline |
| Guangdong Qunxing Toys |
| GRINM Semiconductor |
Guangdong Qunxing and GRINM Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Qunxing and GRINM Semiconductor
The main advantage of trading using opposite Guangdong Qunxing and GRINM Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Qunxing position performs unexpectedly, GRINM Semiconductor 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 GRINM Semiconductor will offset losses from the drop in GRINM Semiconductor's long position.| Guangdong Qunxing vs. Henan Shuanghui Investment | Guangdong Qunxing vs. Jointo Energy Investment | Guangdong Qunxing vs. Beijing Jiaman Dress | Guangdong Qunxing vs. Beijing Mainstreets Investment |
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.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |