Correlation Between Hangzhou Guotai and GKHT Medical
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By analyzing existing cross correlation between Hangzhou Guotai Environmental and GKHT Medical Technology, you can compare the effects of market volatilities on Hangzhou Guotai and GKHT Medical 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 Hangzhou Guotai with a short position of GKHT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Guotai and GKHT Medical.
Diversification Opportunities for Hangzhou Guotai and GKHT Medical
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hangzhou and GKHT is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Guotai Environmental and GKHT Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GKHT Medical Technology and Hangzhou Guotai 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 Hangzhou Guotai Environmental are associated (or correlated) with GKHT Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GKHT Medical Technology has no effect on the direction of Hangzhou Guotai i.e., Hangzhou Guotai and GKHT Medical go up and down completely randomly.
Pair Corralation between Hangzhou Guotai and GKHT Medical
Assuming the 90 days trading horizon Hangzhou Guotai Environmental is expected to generate 0.92 times more return on investment than GKHT Medical. However, Hangzhou Guotai Environmental is 1.09 times less risky than GKHT Medical. It trades about 0.01 of its potential returns per unit of risk. GKHT Medical Technology is currently generating about -0.05 per unit of risk. If you would invest 3,680 in Hangzhou Guotai Environmental on October 16, 2024 and sell it today you would lose (384.00) from holding Hangzhou Guotai Environmental or give up 10.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 84.95% |
| Values | Daily Returns |
Hangzhou Guotai Environmental vs. GKHT Medical Technology
Performance |
| Timeline |
| Hangzhou Guotai Envi |
| GKHT Medical Technology |
Hangzhou Guotai and GKHT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Guotai and GKHT Medical
The main advantage of trading using opposite Hangzhou Guotai and GKHT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Guotai position performs unexpectedly, GKHT Medical 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 GKHT Medical will offset losses from the drop in GKHT Medical's long position.| Hangzhou Guotai vs. Shenzhen MYS Environmental | Hangzhou Guotai vs. Meinian Onehealth Healthcare | Hangzhou Guotai vs. Guangdong Liantai Environmental | Hangzhou Guotai vs. Huaxia Eye Hospital |
| GKHT Medical vs. Shanghai V Test Semiconductor | GKHT Medical vs. Baoshan Iron Steel | GKHT Medical vs. Elite Color Environmental | GKHT Medical vs. Hangzhou Guotai Environmental |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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