Correlation Between Guangdong TianYiMa and Guangdong Xiongsu
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By analyzing existing cross correlation between Guangdong TianYiMa Information and Guangdong Xiongsu Technology, you can compare the effects of market volatilities on Guangdong TianYiMa and Guangdong Xiongsu 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 Guangdong TianYiMa with a short position of Guangdong Xiongsu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong TianYiMa and Guangdong Xiongsu.
Diversification Opportunities for Guangdong TianYiMa and Guangdong Xiongsu
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Guangdong and Guangdong is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong TianYiMa Information and Guangdong Xiongsu Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Xiongsu and Guangdong TianYiMa 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 Guangdong TianYiMa Information are associated (or correlated) with Guangdong Xiongsu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Xiongsu has no effect on the direction of Guangdong TianYiMa i.e., Guangdong TianYiMa and Guangdong Xiongsu go up and down completely randomly.
Pair Corralation between Guangdong TianYiMa and Guangdong Xiongsu
Assuming the 90 days trading horizon Guangdong TianYiMa Information is expected to generate 1.08 times more return on investment than Guangdong Xiongsu. However, Guangdong TianYiMa is 1.08 times more volatile than Guangdong Xiongsu Technology. It trades about -0.07 of its potential returns per unit of risk. Guangdong Xiongsu Technology is currently generating about -0.26 per unit of risk. If you would invest 2,892 in Guangdong TianYiMa Information on October 30, 2024 and sell it today you would lose (157.00) from holding Guangdong TianYiMa Information or give up 5.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong TianYiMa Information vs. Guangdong Xiongsu Technology
Performance |
| Timeline |
| Guangdong TianYiMa |
| Guangdong Xiongsu |
Guangdong TianYiMa and Guangdong Xiongsu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong TianYiMa and Guangdong Xiongsu
The main advantage of trading using opposite Guangdong TianYiMa and Guangdong Xiongsu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong TianYiMa position performs unexpectedly, Guangdong Xiongsu 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 Guangdong Xiongsu will offset losses from the drop in Guangdong Xiongsu's long position.| Guangdong TianYiMa vs. Namchow Food Group | Guangdong TianYiMa vs. Youyou Foods Co | Guangdong TianYiMa vs. HaiXin Foods Co | Guangdong TianYiMa vs. CITIC Metal Co |
| Guangdong Xiongsu vs. Jiangxi Hengda Hi Tech | Guangdong Xiongsu vs. China Sports Industry | Guangdong Xiongsu vs. Beijing Seeyon Internet | Guangdong Xiongsu vs. Kuang Chi Technologies |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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