Correlation Between Gifore Agricultural and Innovative Medical
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By analyzing existing cross correlation between Gifore Agricultural Machinery and Innovative Medical Management, you can compare the effects of market volatilities on Gifore Agricultural and Innovative Medical 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 Gifore Agricultural with a short position of Innovative Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gifore Agricultural and Innovative Medical.
Diversification Opportunities for Gifore Agricultural and Innovative Medical
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Gifore and Innovative is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Gifore Agricultural Machinery and Innovative Medical Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innovative Medical and Gifore Agricultural 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 Gifore Agricultural Machinery are associated (or correlated) with Innovative Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innovative Medical has no effect on the direction of Gifore Agricultural i.e., Gifore Agricultural and Innovative Medical go up and down completely randomly.
Pair Corralation between Gifore Agricultural and Innovative Medical
Assuming the 90 days trading horizon Gifore Agricultural Machinery is expected to generate 0.73 times more return on investment than Innovative Medical. However, Gifore Agricultural Machinery is 1.36 times less risky than Innovative Medical. It trades about 0.12 of its potential returns per unit of risk. Innovative Medical Management is currently generating about 0.04 per unit of risk. If you would invest 476.00 in Gifore Agricultural Machinery on September 28, 2024 and sell it today you would earn a total of 40.00 from holding Gifore Agricultural Machinery or generate 8.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gifore Agricultural Machinery vs. Innovative Medical Management
Performance |
| Timeline |
| Gifore Agricultural |
| Innovative Medical |
Gifore Agricultural and Innovative Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gifore Agricultural and Innovative Medical
The main advantage of trading using opposite Gifore Agricultural and Innovative Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gifore Agricultural position performs unexpectedly, Innovative Medical 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 Innovative Medical will offset losses from the drop in Innovative Medical's long position.| Gifore Agricultural vs. Hengdian Entertainment Co | Gifore Agricultural vs. Oppein Home Group | Gifore Agricultural vs. Guangdong Jinma Entertainment | Gifore Agricultural vs. Mengtian Home Group |
| Innovative Medical vs. BYD Co Ltd | Innovative Medical vs. China Mobile Limited | Innovative Medical vs. Agricultural Bank of | Innovative Medical vs. Industrial and Commercial |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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