Correlation Between Gan Yuan and Fushun Special
Specify exactly 2 symbols:
By analyzing existing cross correlation between Gan Yuan Foods and Fushun Special Steel, you can compare the effects of market volatilities on Gan Yuan and Fushun Special 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 Fushun Special. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gan Yuan and Fushun Special.
Diversification Opportunities for Gan Yuan and Fushun Special
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Gan and Fushun is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Gan Yuan Foods and Fushun Special Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fushun Special Steel 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 Fushun Special. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fushun Special Steel has no effect on the direction of Gan Yuan i.e., Gan Yuan and Fushun Special go up and down completely randomly.
Pair Corralation between Gan Yuan and Fushun Special
Assuming the 90 days trading horizon Gan Yuan Foods is expected to generate 0.88 times more return on investment than Fushun Special. However, Gan Yuan Foods is 1.14 times less risky than Fushun Special. It trades about 0.14 of its potential returns per unit of risk. Fushun Special Steel is currently generating about -0.26 per unit of risk. If you would invest 7,030 in Gan Yuan Foods on August 29, 2024 and sell it today you would earn a total of 432.00 from holding Gan Yuan Foods or generate 6.15% 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. Fushun Special Steel
Performance |
| Timeline |
| Gan Yuan Foods |
| Fushun Special Steel |
Gan Yuan and Fushun Special Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gan Yuan and Fushun Special
The main advantage of trading using opposite Gan Yuan and Fushun Special positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gan Yuan position performs unexpectedly, Fushun Special 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 Fushun Special will offset losses from the drop in Fushun Special's long position.| Gan Yuan vs. PetroChina Co Ltd | Gan Yuan vs. China Mobile Limited | Gan Yuan vs. Ping An Insurance | Gan Yuan vs. China Petroleum Chemical |
| Fushun Special vs. Wanhua Chemical Group | Fushun Special vs. Baoshan Iron Steel | Fushun Special vs. Shandong Gold Mining | Fushun Special vs. Rongsheng Petrochemical Co |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |