Correlation Between Guilin Seamild and Shanghai Rightongene
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By analyzing existing cross correlation between Guilin Seamild Foods and Shanghai Rightongene Biotechnology, you can compare the effects of market volatilities on Guilin Seamild and Shanghai Rightongene 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 Guilin Seamild with a short position of Shanghai Rightongene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guilin Seamild and Shanghai Rightongene.
Diversification Opportunities for Guilin Seamild and Shanghai Rightongene
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Guilin and Shanghai is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Guilin Seamild Foods and Shanghai Rightongene Biotechno in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Rightongene and Guilin Seamild 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 Guilin Seamild Foods are associated (or correlated) with Shanghai Rightongene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Rightongene has no effect on the direction of Guilin Seamild i.e., Guilin Seamild and Shanghai Rightongene go up and down completely randomly.
Pair Corralation between Guilin Seamild and Shanghai Rightongene
Assuming the 90 days trading horizon Guilin Seamild Foods is expected to generate 0.75 times more return on investment than Shanghai Rightongene. However, Guilin Seamild Foods is 1.33 times less risky than Shanghai Rightongene. It trades about 0.02 of its potential returns per unit of risk. Shanghai Rightongene Biotechnology is currently generating about -0.05 per unit of risk. If you would invest 1,451 in Guilin Seamild Foods on October 26, 2024 and sell it today you would earn a total of 154.00 from holding Guilin Seamild Foods or generate 10.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guilin Seamild Foods vs. Shanghai Rightongene Biotechno
Performance |
| Timeline |
| Guilin Seamild Foods |
| Shanghai Rightongene |
Guilin Seamild and Shanghai Rightongene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guilin Seamild and Shanghai Rightongene
The main advantage of trading using opposite Guilin Seamild and Shanghai Rightongene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guilin Seamild position performs unexpectedly, Shanghai Rightongene 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 Shanghai Rightongene will offset losses from the drop in Shanghai Rightongene's long position.| Guilin Seamild vs. Kweichow Moutai Co | Guilin Seamild vs. Contemporary Amperex Technology | Guilin Seamild vs. G bits Network Technology | Guilin Seamild vs. Beijing Roborock Technology |
| Shanghai Rightongene vs. Duzhe Publishing Media | Shanghai Rightongene vs. Chinese Universe Publishing | Shanghai Rightongene vs. Beijing Baolande Software | Shanghai Rightongene vs. GuoChuang Software 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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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