Correlation Between Risuntek and State Grid
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By analyzing existing cross correlation between Risuntek and State Grid InformationCommunication, you can compare the effects of market volatilities on Risuntek and State Grid 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 Risuntek with a short position of State Grid. Check out your portfolio center. Please also check ongoing floating volatility patterns of Risuntek and State Grid.
Diversification Opportunities for Risuntek and State Grid
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Risuntek and State is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Risuntek and State Grid InformationCommunic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on State Grid Informati and Risuntek 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 Risuntek are associated (or correlated) with State Grid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of State Grid Informati has no effect on the direction of Risuntek i.e., Risuntek and State Grid go up and down completely randomly.
Pair Corralation between Risuntek and State Grid
Assuming the 90 days trading horizon Risuntek is expected to generate 1.33 times more return on investment than State Grid. However, Risuntek is 1.33 times more volatile than State Grid InformationCommunication. It trades about 0.03 of its potential returns per unit of risk. State Grid InformationCommunication is currently generating about 0.04 per unit of risk. If you would invest 1,876 in Risuntek on September 3, 2024 and sell it today you would earn a total of 626.00 from holding Risuntek or generate 33.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Risuntek vs. State Grid InformationCommunic
Performance |
| Timeline |
| Risuntek |
| State Grid Informati |
Risuntek and State Grid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Risuntek and State Grid
The main advantage of trading using opposite Risuntek and State Grid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Risuntek position performs unexpectedly, State Grid 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 State Grid will offset losses from the drop in State Grid's long position.| Risuntek vs. CITIC Guoan Information | Risuntek vs. Datang HuaYin Electric | Risuntek vs. Impulse Qingdao Health | Risuntek vs. AVCON Information Tech |
| State Grid vs. Guangdong Jingyi Metal | State Grid vs. Ye Chiu Metal | State Grid vs. Qinghaihuading Industrial Co | State Grid vs. Qijing Machinery |
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 Valuation module to check real value of public entities based on technical and fundamental data.
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