Correlation Between Gan Yuan and GRINM Semiconductor
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By analyzing existing cross correlation between Gan Yuan Foods and GRINM Semiconductor Materials, you can compare the effects of market volatilities on Gan Yuan and GRINM Semiconductor 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 GRINM Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gan Yuan and GRINM Semiconductor.
Diversification Opportunities for Gan Yuan and GRINM Semiconductor
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Gan and GRINM is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Gan Yuan Foods and GRINM Semiconductor Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRINM Semiconductor 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 GRINM Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRINM Semiconductor has no effect on the direction of Gan Yuan i.e., Gan Yuan and GRINM Semiconductor go up and down completely randomly.
Pair Corralation between Gan Yuan and GRINM Semiconductor
Assuming the 90 days trading horizon Gan Yuan Foods is expected to generate 0.82 times more return on investment than GRINM Semiconductor. However, Gan Yuan Foods is 1.23 times less risky than GRINM Semiconductor. It trades about 0.02 of its potential returns per unit of risk. GRINM Semiconductor Materials is currently generating about 0.0 per unit of risk. If you would invest 7,171 in Gan Yuan Foods on September 2, 2024 and sell it today you would earn a total of 687.00 from holding Gan Yuan Foods or generate 9.58% 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. GRINM Semiconductor Materials
Performance |
| Timeline |
| Gan Yuan Foods |
| GRINM Semiconductor |
Gan Yuan and GRINM Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gan Yuan and GRINM Semiconductor
The main advantage of trading using opposite Gan Yuan and GRINM Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gan Yuan position performs unexpectedly, GRINM Semiconductor 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 GRINM Semiconductor will offset losses from the drop in GRINM Semiconductor's long position.| Gan Yuan vs. Dalian Thermal Power | Gan Yuan vs. Guocheng Mining Co | Gan Yuan vs. Southern PublishingMedia Co | Gan Yuan vs. Beijing Kaiwen Education |
| GRINM Semiconductor vs. Industrial and Commercial | GRINM Semiconductor vs. Kweichow Moutai Co | GRINM Semiconductor vs. Agricultural Bank of | GRINM Semiconductor vs. China Mobile Limited |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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