Correlation Between Gan Yuan and Guangdong Silvere
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By analyzing existing cross correlation between Gan Yuan Foods and Guangdong Silvere Sci, you can compare the effects of market volatilities on Gan Yuan and Guangdong Silvere 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 Guangdong Silvere. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gan Yuan and Guangdong Silvere.
Diversification Opportunities for Gan Yuan and Guangdong Silvere
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Gan and Guangdong is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Gan Yuan Foods and Guangdong Silvere Sci in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Silvere Sci 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 Guangdong Silvere. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Silvere Sci has no effect on the direction of Gan Yuan i.e., Gan Yuan and Guangdong Silvere go up and down completely randomly.
Pair Corralation between Gan Yuan and Guangdong Silvere
Assuming the 90 days trading horizon Gan Yuan Foods is expected to under-perform the Guangdong Silvere. But the stock apears to be less risky and, when comparing its historical volatility, Gan Yuan Foods is 1.02 times less risky than Guangdong Silvere. The stock trades about -0.05 of its potential returns per unit of risk. The Guangdong Silvere Sci is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 614.00 in Guangdong Silvere Sci on October 29, 2024 and sell it today you would earn a total of 17.00 from holding Guangdong Silvere Sci or generate 2.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gan Yuan Foods vs. Guangdong Silvere Sci
Performance |
| Timeline |
| Gan Yuan Foods |
| Guangdong Silvere Sci |
Gan Yuan and Guangdong Silvere Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gan Yuan and Guangdong Silvere
The main advantage of trading using opposite Gan Yuan and Guangdong Silvere positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gan Yuan position performs unexpectedly, Guangdong Silvere 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 Guangdong Silvere will offset losses from the drop in Guangdong Silvere's long position.| Gan Yuan vs. Kweichow Moutai Co | Gan Yuan vs. Contemporary Amperex Technology | Gan Yuan vs. G bits Network Technology | Gan Yuan vs. Beijing Roborock Technology |
| Guangdong Silvere vs. Zijin Mining Group | Guangdong Silvere vs. Wanhua Chemical Group | Guangdong Silvere vs. Baoshan Iron Steel | Guangdong Silvere vs. Shandong Gold Mining |
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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