Correlation Between Goke Microelectronics and Heilongjiang Transport
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By analyzing existing cross correlation between Goke Microelectronics Co and Heilongjiang Transport Development, you can compare the effects of market volatilities on Goke Microelectronics and Heilongjiang Transport 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 Goke Microelectronics with a short position of Heilongjiang Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goke Microelectronics and Heilongjiang Transport.
Diversification Opportunities for Goke Microelectronics and Heilongjiang Transport
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Goke and Heilongjiang is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Goke Microelectronics Co and Heilongjiang Transport Develop in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heilongjiang Transport and Goke Microelectronics 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 Goke Microelectronics Co are associated (or correlated) with Heilongjiang Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heilongjiang Transport has no effect on the direction of Goke Microelectronics i.e., Goke Microelectronics and Heilongjiang Transport go up and down completely randomly.
Pair Corralation between Goke Microelectronics and Heilongjiang Transport
Assuming the 90 days trading horizon Goke Microelectronics Co is expected to generate 1.22 times more return on investment than Heilongjiang Transport. However, Goke Microelectronics is 1.22 times more volatile than Heilongjiang Transport Development. It trades about 0.03 of its potential returns per unit of risk. Heilongjiang Transport Development is currently generating about -0.02 per unit of risk. If you would invest 7,029 in Goke Microelectronics Co on December 13, 2024 and sell it today you would earn a total of 1,021 from holding Goke Microelectronics Co or generate 14.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Goke Microelectronics Co vs. Heilongjiang Transport Develop
Performance |
| Timeline |
| Goke Microelectronics |
| Heilongjiang Transport |
Goke Microelectronics and Heilongjiang Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goke Microelectronics and Heilongjiang Transport
The main advantage of trading using opposite Goke Microelectronics and Heilongjiang Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goke Microelectronics position performs unexpectedly, Heilongjiang Transport 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 Heilongjiang Transport will offset losses from the drop in Heilongjiang Transport's long position.| Goke Microelectronics vs. Cabio Biotech Wuhan | ||
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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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