Correlation Between Gan Yuan and Techshine Electronics
Specify exactly 2 symbols:
By analyzing existing cross correlation between Gan Yuan Foods and Techshine Electronics Co, you can compare the effects of market volatilities on Gan Yuan and Techshine Electronics 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 Techshine Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gan Yuan and Techshine Electronics.
Diversification Opportunities for Gan Yuan and Techshine Electronics
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Gan and Techshine is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Gan Yuan Foods and Techshine Electronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Techshine Electronics 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 Techshine Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Techshine Electronics has no effect on the direction of Gan Yuan i.e., Gan Yuan and Techshine Electronics go up and down completely randomly.
Pair Corralation between Gan Yuan and Techshine Electronics
Assuming the 90 days trading horizon Gan Yuan is expected to generate 1.31 times less return on investment than Techshine Electronics. But when comparing it to its historical volatility, Gan Yuan Foods is 1.36 times less risky than Techshine Electronics. It trades about 0.02 of its potential returns per unit of risk. Techshine Electronics Co is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,970 in Techshine Electronics Co on November 4, 2024 and sell it today you would earn a total of 129.00 from holding Techshine Electronics Co or generate 6.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gan Yuan Foods vs. Techshine Electronics Co
Performance |
| Timeline |
| Gan Yuan Foods |
| Techshine Electronics |
Gan Yuan and Techshine Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gan Yuan and Techshine Electronics
The main advantage of trading using opposite Gan Yuan and Techshine Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gan Yuan position performs unexpectedly, Techshine Electronics 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 Techshine Electronics will offset losses from the drop in Techshine Electronics' long position.| Gan Yuan vs. Bus Online Co | Gan Yuan vs. Chengdu Xingrong Investment | Gan Yuan vs. Hunan Investment Group | Gan Yuan vs. Chison Medical Technologies |
| Techshine Electronics vs. Beijing Kingsoft Office | Techshine Electronics vs. Ye Chiu Metal | Techshine Electronics vs. Tongling Nonferrous Metals | Techshine Electronics vs. ZYF Lopsking Aluminum |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |