Correlation Between Sungrow Power and GRG Banking
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By analyzing existing cross correlation between Sungrow Power Supply and GRG Banking Equipment, you can compare the effects of market volatilities on Sungrow Power and GRG Banking 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 Sungrow Power with a short position of GRG Banking. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sungrow Power and GRG Banking.
Diversification Opportunities for Sungrow Power and GRG Banking
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sungrow and GRG is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Sungrow Power Supply and GRG Banking Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRG Banking Equipment and Sungrow Power 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 Sungrow Power Supply are associated (or correlated) with GRG Banking. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRG Banking Equipment has no effect on the direction of Sungrow Power i.e., Sungrow Power and GRG Banking go up and down completely randomly.
Pair Corralation between Sungrow Power and GRG Banking
Assuming the 90 days trading horizon Sungrow Power Supply is expected to under-perform the GRG Banking. But the stock apears to be less risky and, when comparing its historical volatility, Sungrow Power Supply is 1.34 times less risky than GRG Banking. The stock trades about -0.17 of its potential returns per unit of risk. The GRG Banking Equipment is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 1,232 in GRG Banking Equipment on September 1, 2024 and sell it today you would earn a total of 74.00 from holding GRG Banking Equipment or generate 6.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Sungrow Power Supply vs. GRG Banking Equipment
Performance |
| Timeline |
| Sungrow Power Supply |
| GRG Banking Equipment |
Sungrow Power and GRG Banking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sungrow Power and GRG Banking
The main advantage of trading using opposite Sungrow Power and GRG Banking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sungrow Power position performs unexpectedly, GRG Banking 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 GRG Banking will offset losses from the drop in GRG Banking's long position.| Sungrow Power vs. Do Fluoride Chemicals Co | Sungrow Power vs. Hubei Huaqiang High Tech | Sungrow Power vs. Holitech Technology Co | Sungrow Power vs. Kangping Technology Co |
| GRG Banking vs. Semiconductor Manufacturing Intl | GRG Banking vs. Anhui Conch Cement | GRG Banking vs. Sungrow Power Supply | GRG Banking vs. Shenzhen New Nanshan |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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