Correlation Between Digiwin Software and GRG Banking
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By analyzing existing cross correlation between Digiwin Software Co and GRG Banking Equipment, you can compare the effects of market volatilities on Digiwin Software 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 Digiwin Software with a short position of GRG Banking. Check out your portfolio center. Please also check ongoing floating volatility patterns of Digiwin Software and GRG Banking.
Diversification Opportunities for Digiwin Software and GRG Banking
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Digiwin and GRG is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Digiwin Software Co 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 Digiwin Software 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 Digiwin Software Co 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 Digiwin Software i.e., Digiwin Software and GRG Banking go up and down completely randomly.
Pair Corralation between Digiwin Software and GRG Banking
Assuming the 90 days trading horizon Digiwin Software Co is expected to generate 1.75 times more return on investment than GRG Banking. However, Digiwin Software is 1.75 times more volatile than GRG Banking Equipment. It trades about 0.02 of its potential returns per unit of risk. GRG Banking Equipment is currently generating about 0.01 per unit of risk. If you would invest 3,075 in Digiwin Software Co on October 30, 2024 and sell it today you would earn a total of 217.00 from holding Digiwin Software Co or generate 7.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Digiwin Software Co vs. GRG Banking Equipment
Performance |
| Timeline |
| Digiwin Software |
| GRG Banking Equipment |
Digiwin Software and GRG Banking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Digiwin Software and GRG Banking
The main advantage of trading using opposite Digiwin Software and GRG Banking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Digiwin Software 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.| Digiwin Software vs. China State Construction | Digiwin Software vs. Poly Real Estate | Digiwin Software vs. China Vanke Co | Digiwin Software vs. China Merchants Shekou |
| GRG Banking vs. DO Home Collection | GRG Banking vs. Vohringer Home Technology | GRG Banking vs. Nanjing Putian Telecommunications | GRG Banking vs. Fiberhome Telecommunication Technologies |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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