Correlation Between Guangzhou Jointas and Beijing Roborock
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By analyzing existing cross correlation between Guangzhou Jointas Chemical and Beijing Roborock Technology, you can compare the effects of market volatilities on Guangzhou Jointas and Beijing Roborock 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 Guangzhou Jointas with a short position of Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Jointas and Beijing Roborock.
Diversification Opportunities for Guangzhou Jointas and Beijing Roborock
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Guangzhou and Beijing is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Jointas Chemical and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec and Guangzhou Jointas 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 Guangzhou Jointas Chemical are associated (or correlated) with Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Guangzhou Jointas i.e., Guangzhou Jointas and Beijing Roborock go up and down completely randomly.
Pair Corralation between Guangzhou Jointas and Beijing Roborock
Assuming the 90 days trading horizon Guangzhou Jointas Chemical is expected to generate 1.12 times more return on investment than Beijing Roborock. However, Guangzhou Jointas is 1.12 times more volatile than Beijing Roborock Technology. It trades about 0.18 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about -0.13 per unit of risk. If you would invest 496.00 in Guangzhou Jointas Chemical on September 3, 2024 and sell it today you would earn a total of 53.00 from holding Guangzhou Jointas Chemical or generate 10.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Jointas Chemical vs. Beijing Roborock Technology
Performance |
| Timeline |
| Guangzhou Jointas |
| Beijing Roborock Tec |
Guangzhou Jointas and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Jointas and Beijing Roborock
The main advantage of trading using opposite Guangzhou Jointas and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Jointas position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| Guangzhou Jointas vs. Zijin Mining Group | Guangzhou Jointas vs. Baoshan Iron Steel | Guangzhou Jointas vs. Rongsheng Petrochemical Co | Guangzhou Jointas vs. Hoshine Silicon Ind |
| Beijing Roborock vs. Uxi Unicomp Technology | Beijing Roborock vs. Soyea Technology Co | Beijing Roborock vs. Eastern Air Logistics | Beijing Roborock vs. Jiujiang Shanshui Technology |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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