Correlation Between Shanghai Yaoji and GreenTech Environmental
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By analyzing existing cross correlation between Shanghai Yaoji Playing and GreenTech Environmental Co, you can compare the effects of market volatilities on Shanghai Yaoji and GreenTech Environmental 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 Shanghai Yaoji with a short position of GreenTech Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Yaoji and GreenTech Environmental.
Diversification Opportunities for Shanghai Yaoji and GreenTech Environmental
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shanghai and GreenTech is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Yaoji Playing and GreenTech Environmental Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GreenTech Environmental and Shanghai Yaoji 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 Shanghai Yaoji Playing are associated (or correlated) with GreenTech Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GreenTech Environmental has no effect on the direction of Shanghai Yaoji i.e., Shanghai Yaoji and GreenTech Environmental go up and down completely randomly.
Pair Corralation between Shanghai Yaoji and GreenTech Environmental
Assuming the 90 days trading horizon Shanghai Yaoji Playing is expected to generate 1.17 times more return on investment than GreenTech Environmental. However, Shanghai Yaoji is 1.17 times more volatile than GreenTech Environmental Co. It trades about 0.05 of its potential returns per unit of risk. GreenTech Environmental Co is currently generating about -0.01 per unit of risk. If you would invest 2,195 in Shanghai Yaoji Playing on August 25, 2024 and sell it today you would earn a total of 846.00 from holding Shanghai Yaoji Playing or generate 38.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Yaoji Playing vs. GreenTech Environmental Co
Performance |
| Timeline |
| Shanghai Yaoji Playing |
| GreenTech Environmental |
Shanghai Yaoji and GreenTech Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Yaoji and GreenTech Environmental
The main advantage of trading using opposite Shanghai Yaoji and GreenTech Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Yaoji position performs unexpectedly, GreenTech Environmental 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 GreenTech Environmental will offset losses from the drop in GreenTech Environmental's long position.| Shanghai Yaoji vs. Shenzhen MYS Environmental | Shanghai Yaoji vs. AVIC Fund Management | Shanghai Yaoji vs. Shenzhen Bingchuan Network | Shanghai Yaoji vs. Penghua Shenzhen Energy |
| GreenTech Environmental vs. Shanghai Yaoji Playing | GreenTech Environmental vs. Huatian Hotel Group | GreenTech Environmental vs. Lander Sports Development | GreenTech Environmental vs. Jinling Hotel Corp |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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