Correlation Between Gan Yuan and Double Medical
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By analyzing existing cross correlation between Gan Yuan Foods and Double Medical Technology, you can compare the effects of market volatilities on Gan Yuan and Double Medical 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 Double Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gan Yuan and Double Medical.
Diversification Opportunities for Gan Yuan and Double Medical
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Gan and Double is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Gan Yuan Foods and Double Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Double Medical 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 Double Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Double Medical Technology has no effect on the direction of Gan Yuan i.e., Gan Yuan and Double Medical go up and down completely randomly.
Pair Corralation between Gan Yuan and Double Medical
Assuming the 90 days trading horizon Gan Yuan Foods is expected to generate 1.26 times more return on investment than Double Medical. However, Gan Yuan is 1.26 times more volatile than Double Medical Technology. It trades about 0.19 of its potential returns per unit of risk. Double Medical Technology is currently generating about -0.16 per unit of risk. If you would invest 7,220 in Gan Yuan Foods on September 1, 2024 and sell it today you would earn a total of 638.00 from holding Gan Yuan Foods or generate 8.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gan Yuan Foods vs. Double Medical Technology
Performance |
| Timeline |
| Gan Yuan Foods |
| Double Medical Technology |
Gan Yuan and Double Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gan Yuan and Double Medical
The main advantage of trading using opposite Gan Yuan and Double Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gan Yuan position performs unexpectedly, Double Medical 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 Double Medical will offset losses from the drop in Double Medical's long position.| Gan Yuan vs. Nanjing Putian Telecommunications | Gan Yuan vs. Shenzhen Hifuture Electric | Gan Yuan vs. Tianjin Realty Development | Gan Yuan vs. Shenyang Huitian Thermal |
| Double Medical vs. Nanjing Putian Telecommunications | Double Medical vs. Shenzhen Hifuture Electric | Double Medical vs. Tianjin Realty Development | Double Medical vs. Shenyang Huitian Thermal |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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