Correlation Between Iat Automobile and GRIPM Advanced
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By analyzing existing cross correlation between Iat Automobile Technology and GRIPM Advanced Materials, you can compare the effects of market volatilities on Iat Automobile and GRIPM Advanced 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 Iat Automobile with a short position of GRIPM Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Iat Automobile and GRIPM Advanced.
Diversification Opportunities for Iat Automobile and GRIPM Advanced
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Iat and GRIPM is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Iat Automobile Technology and GRIPM Advanced Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRIPM Advanced Materials and Iat Automobile 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 Iat Automobile Technology are associated (or correlated) with GRIPM Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRIPM Advanced Materials has no effect on the direction of Iat Automobile i.e., Iat Automobile and GRIPM Advanced go up and down completely randomly.
Pair Corralation between Iat Automobile and GRIPM Advanced
Assuming the 90 days trading horizon Iat Automobile Technology is expected to under-perform the GRIPM Advanced. In addition to that, Iat Automobile is 1.38 times more volatile than GRIPM Advanced Materials. It trades about -0.19 of its total potential returns per unit of risk. GRIPM Advanced Materials is currently generating about -0.07 per unit of volatility. If you would invest 3,350 in GRIPM Advanced Materials on October 14, 2024 and sell it today you would lose (135.00) from holding GRIPM Advanced Materials or give up 4.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Iat Automobile Technology vs. GRIPM Advanced Materials
Performance |
| Timeline |
| Iat Automobile Technology |
| GRIPM Advanced Materials |
Iat Automobile and GRIPM Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Iat Automobile and GRIPM Advanced
The main advantage of trading using opposite Iat Automobile and GRIPM Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Iat Automobile position performs unexpectedly, GRIPM Advanced 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 GRIPM Advanced will offset losses from the drop in GRIPM Advanced's long position.| Iat Automobile vs. Zhongrun Resources Investment | Iat Automobile vs. Allgens Medical Technology | Iat Automobile vs. Shanghai Material Trading | Iat Automobile vs. Harbin Hatou Investment |
| GRIPM Advanced vs. Shandong Polymer Biochemicals | GRIPM Advanced vs. Jiangsu Xinri E Vehicle | GRIPM Advanced vs. Iat Automobile Technology | GRIPM Advanced vs. Ningbo Fangzheng Automobile |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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