Correlation Between Marssenger Kitchenware and State Grid
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By analyzing existing cross correlation between Marssenger Kitchenware Co and State Grid InformationCommunication, you can compare the effects of market volatilities on Marssenger Kitchenware and State Grid 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 Marssenger Kitchenware with a short position of State Grid. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marssenger Kitchenware and State Grid.
Diversification Opportunities for Marssenger Kitchenware and State Grid
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Marssenger and State is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Marssenger Kitchenware Co and State Grid InformationCommunic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on State Grid Informati and Marssenger Kitchenware 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 Marssenger Kitchenware Co are associated (or correlated) with State Grid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of State Grid Informati has no effect on the direction of Marssenger Kitchenware i.e., Marssenger Kitchenware and State Grid go up and down completely randomly.
Pair Corralation between Marssenger Kitchenware and State Grid
Assuming the 90 days trading horizon Marssenger Kitchenware Co is expected to generate 0.85 times more return on investment than State Grid. However, Marssenger Kitchenware Co is 1.18 times less risky than State Grid. It trades about 0.16 of its potential returns per unit of risk. State Grid InformationCommunication is currently generating about 0.11 per unit of risk. If you would invest 1,382 in Marssenger Kitchenware Co on September 1, 2024 and sell it today you would earn a total of 161.00 from holding Marssenger Kitchenware Co or generate 11.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Marssenger Kitchenware Co vs. State Grid InformationCommunic
Performance |
| Timeline |
| Marssenger Kitchenware |
| State Grid Informati |
Marssenger Kitchenware and State Grid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marssenger Kitchenware and State Grid
The main advantage of trading using opposite Marssenger Kitchenware and State Grid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marssenger Kitchenware position performs unexpectedly, State Grid 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 State Grid will offset losses from the drop in State Grid's long position.| Marssenger Kitchenware vs. Kweichow Moutai Co | Marssenger Kitchenware vs. NAURA Technology Group | Marssenger Kitchenware vs. Zhejiang Orient Gene | Marssenger Kitchenware vs. APT Medical |
| State Grid vs. Guangzhou KingTeller Technology | State Grid vs. Aofu Environmental Technology | State Grid vs. Guangdong Liantai Environmental | State Grid vs. Hubei Forbon Technology |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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