Correlation Between Anhui Shiny and GRG Banking
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By analyzing existing cross correlation between Anhui Shiny Electronic and GRG Banking Equipment, you can compare the effects of market volatilities on Anhui Shiny and GRG Banking 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 Anhui Shiny with a short position of GRG Banking. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Shiny and GRG Banking.
Diversification Opportunities for Anhui Shiny and GRG Banking
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Anhui and GRG is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Shiny Electronic and GRG Banking Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRG Banking Equipment and Anhui Shiny 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 Anhui Shiny Electronic are associated (or correlated) with GRG Banking. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRG Banking Equipment has no effect on the direction of Anhui Shiny i.e., Anhui Shiny and GRG Banking go up and down completely randomly.
Pair Corralation between Anhui Shiny and GRG Banking
Assuming the 90 days trading horizon Anhui Shiny Electronic is expected to generate 2.46 times more return on investment than GRG Banking. However, Anhui Shiny is 2.46 times more volatile than GRG Banking Equipment. It trades about 0.08 of its potential returns per unit of risk. GRG Banking Equipment is currently generating about 0.0 per unit of risk. If you would invest 1,155 in Anhui Shiny Electronic on October 25, 2024 and sell it today you would earn a total of 1,027 from holding Anhui Shiny Electronic or generate 88.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Shiny Electronic vs. GRG Banking Equipment
Performance |
| Timeline |
| Anhui Shiny Electronic |
| GRG Banking Equipment |
Anhui Shiny and GRG Banking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Shiny and GRG Banking
The main advantage of trading using opposite Anhui Shiny and GRG Banking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Shiny position performs unexpectedly, GRG Banking 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 GRG Banking will offset losses from the drop in GRG Banking's long position.| Anhui Shiny vs. Penyao Environmental Protection | Anhui Shiny vs. Spring Airlines Co | Anhui Shiny vs. Sinocat Environmental Technology | Anhui Shiny vs. Panda Financial Holding |
| GRG Banking vs. Kweichow Moutai Co | GRG Banking vs. NAURA Technology Group | GRG Banking vs. APT Medical | GRG Banking vs. BYD Co Ltd |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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