Correlation Between Puyang Huicheng and Gree Real
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By analyzing existing cross correlation between Puyang Huicheng Electronic and Gree Real Estate, you can compare the effects of market volatilities on Puyang Huicheng and Gree Real 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 Puyang Huicheng with a short position of Gree Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Puyang Huicheng and Gree Real.
Diversification Opportunities for Puyang Huicheng and Gree Real
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Puyang and Gree is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Puyang Huicheng Electronic and Gree Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gree Real Estate and Puyang Huicheng 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 Puyang Huicheng Electronic are associated (or correlated) with Gree Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gree Real Estate has no effect on the direction of Puyang Huicheng i.e., Puyang Huicheng and Gree Real go up and down completely randomly.
Pair Corralation between Puyang Huicheng and Gree Real
Assuming the 90 days trading horizon Puyang Huicheng is expected to generate 1.67 times less return on investment than Gree Real. But when comparing it to its historical volatility, Puyang Huicheng Electronic is 1.1 times less risky than Gree Real. It trades about 0.15 of its potential returns per unit of risk. Gree Real Estate is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 470.00 in Gree Real Estate on September 3, 2024 and sell it today you would earn a total of 295.00 from holding Gree Real Estate or generate 62.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Puyang Huicheng Electronic vs. Gree Real Estate
Performance |
| Timeline |
| Puyang Huicheng Elec |
| Gree Real Estate |
Puyang Huicheng and Gree Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Puyang Huicheng and Gree Real
The main advantage of trading using opposite Puyang Huicheng and Gree Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Puyang Huicheng position performs unexpectedly, Gree Real 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 Gree Real will offset losses from the drop in Gree Real's long position.| Puyang Huicheng vs. Zijin Mining Group | Puyang Huicheng vs. Baoshan Iron Steel | Puyang Huicheng vs. Rongsheng Petrochemical Co | Puyang Huicheng vs. Hoshine Silicon Ind |
| Gree Real vs. Puyang Huicheng Electronic | Gree Real vs. Epoxy Base Electronic | Gree Real vs. Hunan TV Broadcast | Gree Real vs. Fuzhou Rockchip Electronics |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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