Correlation Between Gan Yuan and Eastern Air
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By analyzing existing cross correlation between Gan Yuan Foods and Eastern Air Logistics, you can compare the effects of market volatilities on Gan Yuan and Eastern Air 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 Eastern Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gan Yuan and Eastern Air.
Diversification Opportunities for Gan Yuan and Eastern Air
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Gan and Eastern is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Gan Yuan Foods and Eastern Air Logistics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastern Air Logistics 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 Eastern Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastern Air Logistics has no effect on the direction of Gan Yuan i.e., Gan Yuan and Eastern Air go up and down completely randomly.
Pair Corralation between Gan Yuan and Eastern Air
Assuming the 90 days trading horizon Gan Yuan Foods is expected to generate 1.31 times more return on investment than Eastern Air. However, Gan Yuan is 1.31 times more volatile than Eastern Air Logistics. It trades about 0.23 of its potential returns per unit of risk. Eastern Air Logistics is currently generating about -0.2 per unit of risk. If you would invest 7,392 in Gan Yuan Foods on September 12, 2024 and sell it today you would earn a total of 801.00 from holding Gan Yuan Foods or generate 10.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Gan Yuan Foods vs. Eastern Air Logistics
Performance |
| Timeline |
| Gan Yuan Foods |
| Eastern Air Logistics |
Gan Yuan and Eastern Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gan Yuan and Eastern Air
The main advantage of trading using opposite Gan Yuan and Eastern Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gan Yuan position performs unexpectedly, Eastern Air 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 Eastern Air will offset losses from the drop in Eastern Air's long position.| Gan Yuan vs. Maxvision Technology Corp | Gan Yuan vs. Eastroc Beverage Group | Gan Yuan vs. Changchun Faway Automobile | Gan Yuan vs. ROPEOK Technology Group |
| Eastern Air vs. Chongqing Brewery Co | Eastern Air vs. Gan Yuan Foods | Eastern Air vs. Beijing Yanjing Brewery | Eastern Air vs. Ligao Foods CoLtd |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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