Correlation Between Gifore Agricultural and Hangzhou Gisway
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By analyzing existing cross correlation between Gifore Agricultural Machinery and Hangzhou Gisway Information, you can compare the effects of market volatilities on Gifore Agricultural and Hangzhou Gisway 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 Hangzhou Gisway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gifore Agricultural and Hangzhou Gisway.
Diversification Opportunities for Gifore Agricultural and Hangzhou Gisway
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Gifore and Hangzhou is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Gifore Agricultural Machinery and Hangzhou Gisway Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Gisway Info 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 Hangzhou Gisway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Gisway Info has no effect on the direction of Gifore Agricultural i.e., Gifore Agricultural and Hangzhou Gisway go up and down completely randomly.
Pair Corralation between Gifore Agricultural and Hangzhou Gisway
Assuming the 90 days trading horizon Gifore Agricultural Machinery is expected to generate 0.91 times more return on investment than Hangzhou Gisway. However, Gifore Agricultural Machinery is 1.1 times less risky than Hangzhou Gisway. It trades about 0.04 of its potential returns per unit of risk. Hangzhou Gisway Information is currently generating about 0.0 per unit of risk. If you would invest 440.00 in Gifore Agricultural Machinery on October 20, 2024 and sell it today you would earn a total of 79.00 from holding Gifore Agricultural Machinery or generate 17.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gifore Agricultural Machinery vs. Hangzhou Gisway Information
Performance |
| Timeline |
| Gifore Agricultural |
| Hangzhou Gisway Info |
Gifore Agricultural and Hangzhou Gisway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gifore Agricultural and Hangzhou Gisway
The main advantage of trading using opposite Gifore Agricultural and Hangzhou Gisway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gifore Agricultural position performs unexpectedly, Hangzhou Gisway 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 Hangzhou Gisway will offset losses from the drop in Hangzhou Gisway's long position.| Gifore Agricultural vs. V V Food | Gifore Agricultural vs. Huasi Agricultural Development | Gifore Agricultural vs. Anhui Huilong Agricultural | Gifore Agricultural vs. Qijing Machinery |
| Hangzhou Gisway vs. Gansu Jiu Steel | Hangzhou Gisway vs. Gifore Agricultural Machinery | Hangzhou Gisway vs. GreenTech Environmental Co | Hangzhou Gisway vs. Lutian Machinery 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 Transaction History module to view history of all your transactions and understand their impact on performance.
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