Correlation Between Hengerda New and Grandblue Environment
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By analyzing existing cross correlation between Hengerda New Materials and Grandblue Environment Co, you can compare the effects of market volatilities on Hengerda New and Grandblue Environment 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 Hengerda New with a short position of Grandblue Environment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hengerda New and Grandblue Environment.
Diversification Opportunities for Hengerda New and Grandblue Environment
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hengerda and Grandblue is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Hengerda New Materials and Grandblue Environment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grandblue Environment and Hengerda New 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 Hengerda New Materials are associated (or correlated) with Grandblue Environment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grandblue Environment has no effect on the direction of Hengerda New i.e., Hengerda New and Grandblue Environment go up and down completely randomly.
Pair Corralation between Hengerda New and Grandblue Environment
Assuming the 90 days trading horizon Hengerda New Materials is expected to under-perform the Grandblue Environment. In addition to that, Hengerda New is 1.82 times more volatile than Grandblue Environment Co. It trades about -0.28 of its total potential returns per unit of risk. Grandblue Environment Co is currently generating about -0.07 per unit of volatility. If you would invest 2,249 in Grandblue Environment Co on October 13, 2024 and sell it today you would lose (55.00) from holding Grandblue Environment Co or give up 2.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hengerda New Materials vs. Grandblue Environment Co
Performance |
| Timeline |
| Hengerda New Materials |
| Grandblue Environment |
Hengerda New and Grandblue Environment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hengerda New and Grandblue Environment
The main advantage of trading using opposite Hengerda New and Grandblue Environment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hengerda New position performs unexpectedly, Grandblue Environment 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 Grandblue Environment will offset losses from the drop in Grandblue Environment's long position.| Hengerda New vs. Jonjee Hi tech Industrial | Hengerda New vs. Tibet Huayu Mining | Hengerda New vs. Jiangxi Naipu Mining | Hengerda New vs. Shenyang Blue Silver |
| Grandblue Environment vs. PKU HealthCare Corp | Grandblue Environment vs. Humanwell Healthcare Group | Grandblue Environment vs. China Asset Management | Grandblue Environment vs. Everjoy Health Group |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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