Correlation Between Gifore Agricultural and Marssenger Kitchenware
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By analyzing existing cross correlation between Gifore Agricultural Machinery and Marssenger Kitchenware Co, you can compare the effects of market volatilities on Gifore Agricultural and Marssenger Kitchenware 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 Marssenger Kitchenware. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gifore Agricultural and Marssenger Kitchenware.
Diversification Opportunities for Gifore Agricultural and Marssenger Kitchenware
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Gifore and Marssenger is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Gifore Agricultural Machinery and Marssenger Kitchenware Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marssenger Kitchenware 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 Marssenger Kitchenware. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marssenger Kitchenware has no effect on the direction of Gifore Agricultural i.e., Gifore Agricultural and Marssenger Kitchenware go up and down completely randomly.
Pair Corralation between Gifore Agricultural and Marssenger Kitchenware
Assuming the 90 days trading horizon Gifore Agricultural Machinery is expected to generate 1.36 times more return on investment than Marssenger Kitchenware. However, Gifore Agricultural is 1.36 times more volatile than Marssenger Kitchenware Co. It trades about -0.19 of its potential returns per unit of risk. Marssenger Kitchenware Co is currently generating about -0.34 per unit of risk. If you would invest 552.00 in Gifore Agricultural Machinery on October 12, 2024 and sell it today you would lose (90.00) from holding Gifore Agricultural Machinery or give up 16.3% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gifore Agricultural Machinery vs. Marssenger Kitchenware Co
Performance |
| Timeline |
| Gifore Agricultural |
| Marssenger Kitchenware |
Gifore Agricultural and Marssenger Kitchenware Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gifore Agricultural and Marssenger Kitchenware
The main advantage of trading using opposite Gifore Agricultural and Marssenger Kitchenware positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gifore Agricultural position performs unexpectedly, Marssenger Kitchenware 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 Marssenger Kitchenware will offset losses from the drop in Marssenger Kitchenware's long position.| Gifore Agricultural vs. Kuang Chi Technologies | Gifore Agricultural vs. Dawning Information Industry | Gifore Agricultural vs. Sinofibers Technology Co | Gifore Agricultural vs. Sharetronic Data Technology |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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