Correlation Between Yankershop Food and GRIPM Advanced
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By analyzing existing cross correlation between Yankershop Food Co and GRIPM Advanced Materials, you can compare the effects of market volatilities on Yankershop Food and GRIPM Advanced 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 Yankershop Food with a short position of GRIPM Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yankershop Food and GRIPM Advanced.
Diversification Opportunities for Yankershop Food and GRIPM Advanced
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Yankershop and GRIPM is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Yankershop Food Co and GRIPM Advanced Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRIPM Advanced Materials and Yankershop Food 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 Yankershop Food Co are associated (or correlated) with GRIPM Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRIPM Advanced Materials has no effect on the direction of Yankershop Food i.e., Yankershop Food and GRIPM Advanced go up and down completely randomly.
Pair Corralation between Yankershop Food and GRIPM Advanced
Assuming the 90 days trading horizon Yankershop Food Co is expected to under-perform the GRIPM Advanced. But the stock apears to be less risky and, when comparing its historical volatility, Yankershop Food Co is 1.06 times less risky than GRIPM Advanced. The stock trades about -0.05 of its potential returns per unit of risk. The GRIPM Advanced Materials is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 2,979 in GRIPM Advanced Materials on August 30, 2024 and sell it today you would earn a total of 132.00 from holding GRIPM Advanced Materials or generate 4.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yankershop Food Co vs. GRIPM Advanced Materials
Performance |
| Timeline |
| Yankershop Food |
| GRIPM Advanced Materials |
Yankershop Food and GRIPM Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yankershop Food and GRIPM Advanced
The main advantage of trading using opposite Yankershop Food and GRIPM Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yankershop Food position performs unexpectedly, GRIPM Advanced 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 GRIPM Advanced will offset losses from the drop in GRIPM Advanced's long position.| Yankershop Food vs. Industrial and Commercial | Yankershop Food vs. China Construction Bank | Yankershop Food vs. Agricultural Bank of | Yankershop Food vs. Bank of China |
| GRIPM Advanced vs. Zijin Mining Group | GRIPM Advanced vs. Wanhua Chemical Group | GRIPM Advanced vs. Baoshan Iron Steel | GRIPM Advanced vs. Shandong Gold Mining |
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 Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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