Correlation Between Gan Yuan and Hunan TV
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By analyzing existing cross correlation between Gan Yuan Foods and Hunan TV Broadcast, you can compare the effects of market volatilities on Gan Yuan and Hunan TV 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 Gan Yuan with a short position of Hunan TV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gan Yuan and Hunan TV.
Diversification Opportunities for Gan Yuan and Hunan TV
Excellent diversification
The 3 months correlation between Gan and Hunan is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Gan Yuan Foods and Hunan TV Broadcast in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan TV Broadcast and Gan Yuan 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 Gan Yuan Foods are associated (or correlated) with Hunan TV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan TV Broadcast has no effect on the direction of Gan Yuan i.e., Gan Yuan and Hunan TV go up and down completely randomly.
Pair Corralation between Gan Yuan and Hunan TV
Assuming the 90 days trading horizon Gan Yuan Foods is expected to generate 0.92 times more return on investment than Hunan TV. However, Gan Yuan Foods is 1.09 times less risky than Hunan TV. It trades about 0.11 of its potential returns per unit of risk. Hunan TV Broadcast is currently generating about -0.1 per unit of risk. If you would invest 7,858 in Gan Yuan Foods on October 30, 2024 and sell it today you would earn a total of 864.00 from holding Gan Yuan Foods or generate 11.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gan Yuan Foods vs. Hunan TV Broadcast
Performance |
| Timeline |
| Gan Yuan Foods |
| Hunan TV Broadcast |
Gan Yuan and Hunan TV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gan Yuan and Hunan TV
The main advantage of trading using opposite Gan Yuan and Hunan TV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gan Yuan position performs unexpectedly, Hunan TV 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 Hunan TV will offset losses from the drop in Hunan TV's long position.| Gan Yuan vs. Hangzhou Gisway Information | Gan Yuan vs. Shandong Sanyuan Biotechnology | Gan Yuan vs. Qiming Information Technology | Gan Yuan vs. Invengo Information Technology |
| Hunan TV vs. Shanghai Broadband Technology | Hunan TV vs. Hubeiyichang Transportation Group | Hunan TV vs. Zhengping RoadBridge Constr | Hunan TV vs. Anhui Tongguan Copper |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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