Correlation Between Guangzhou Boji and Flat Glass
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By analyzing existing cross correlation between Guangzhou Boji Medical and Flat Glass Group, you can compare the effects of market volatilities on Guangzhou Boji and Flat Glass 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 Guangzhou Boji with a short position of Flat Glass. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Boji and Flat Glass.
Diversification Opportunities for Guangzhou Boji and Flat Glass
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Guangzhou and Flat is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Boji Medical and Flat Glass Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Flat Glass Group and Guangzhou Boji 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 Guangzhou Boji Medical are associated (or correlated) with Flat Glass. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Flat Glass Group has no effect on the direction of Guangzhou Boji i.e., Guangzhou Boji and Flat Glass go up and down completely randomly.
Pair Corralation between Guangzhou Boji and Flat Glass
Assuming the 90 days trading horizon Guangzhou Boji Medical is expected to generate 1.06 times more return on investment than Flat Glass. However, Guangzhou Boji is 1.06 times more volatile than Flat Glass Group. It trades about 0.03 of its potential returns per unit of risk. Flat Glass Group is currently generating about 0.02 per unit of risk. If you would invest 910.00 in Guangzhou Boji Medical on September 14, 2024 and sell it today you would earn a total of 94.00 from holding Guangzhou Boji Medical or generate 10.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Boji Medical vs. Flat Glass Group
Performance |
| Timeline |
| Guangzhou Boji Medical |
| Flat Glass Group |
Guangzhou Boji and Flat Glass Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Boji and Flat Glass
The main advantage of trading using opposite Guangzhou Boji and Flat Glass positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Boji position performs unexpectedly, Flat Glass 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 Flat Glass will offset losses from the drop in Flat Glass' long position.| Guangzhou Boji vs. China Life Insurance | Guangzhou Boji vs. Cinda Securities Co | Guangzhou Boji vs. Piotech Inc A | Guangzhou Boji vs. Dongxing Sec Co |
| Flat Glass vs. DO Home Collection | Flat Glass vs. Vohringer Home Technology | Flat Glass vs. Unisplendour Corp | Flat Glass vs. Suofeiya Home Collection |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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