Correlation Between Gan Yuan and Holitech Technology
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By analyzing existing cross correlation between Gan Yuan Foods and Holitech Technology Co, you can compare the effects of market volatilities on Gan Yuan and Holitech Technology 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 Holitech Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gan Yuan and Holitech Technology.
Diversification Opportunities for Gan Yuan and Holitech Technology
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Gan and Holitech is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Gan Yuan Foods and Holitech Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Holitech Technology 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 Holitech Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Holitech Technology has no effect on the direction of Gan Yuan i.e., Gan Yuan and Holitech Technology go up and down completely randomly.
Pair Corralation between Gan Yuan and Holitech Technology
Assuming the 90 days trading horizon Gan Yuan Foods is expected to generate 0.67 times more return on investment than Holitech Technology. However, Gan Yuan Foods is 1.5 times less risky than Holitech Technology. It trades about 0.02 of its potential returns per unit of risk. Holitech Technology Co is currently generating about 0.0 per unit of risk. If you would invest 7,936 in Gan Yuan Foods on November 1, 2024 and sell it today you would earn a total of 786.00 from holding Gan Yuan Foods or generate 9.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Gan Yuan Foods vs. Holitech Technology Co
Performance |
| Timeline |
| Gan Yuan Foods |
| Holitech Technology |
Gan Yuan and Holitech Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gan Yuan and Holitech Technology
The main advantage of trading using opposite Gan Yuan and Holitech Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gan Yuan position performs unexpectedly, Holitech Technology 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 Holitech Technology will offset losses from the drop in Holitech Technology's long position.| Gan Yuan vs. Shanghai Rongtai Health | Gan Yuan vs. PKU HealthCare Corp | Gan Yuan vs. Chongqing Brewery Co | Gan Yuan vs. Beijing Yanjing Brewery |
| Holitech Technology vs. Chengdu Kanghua Biological | Holitech Technology vs. Suzhou Novoprotein Scientific | Holitech Technology vs. Aluminum Corp of | Holitech Technology vs. COL Digital Publishing |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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