Correlation Between Yili Chuanning and GRIPM Advanced
Specify exactly 2 symbols:
By analyzing existing cross correlation between Yili Chuanning Biotechnology and GRIPM Advanced Materials, you can compare the effects of market volatilities on Yili Chuanning and GRIPM Advanced 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 Yili Chuanning with a short position of GRIPM Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yili Chuanning and GRIPM Advanced.
Diversification Opportunities for Yili Chuanning and GRIPM Advanced
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Yili and GRIPM is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Yili Chuanning Biotechnology and GRIPM Advanced Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRIPM Advanced Materials and Yili Chuanning 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 Yili Chuanning Biotechnology are associated (or correlated) with GRIPM Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRIPM Advanced Materials has no effect on the direction of Yili Chuanning i.e., Yili Chuanning and GRIPM Advanced go up and down completely randomly.
Pair Corralation between Yili Chuanning and GRIPM Advanced
Assuming the 90 days trading horizon Yili Chuanning Biotechnology is expected to generate 0.98 times more return on investment than GRIPM Advanced. However, Yili Chuanning Biotechnology is 1.02 times less risky than GRIPM Advanced. It trades about 0.02 of its potential returns per unit of risk. GRIPM Advanced Materials is currently generating about 0.01 per unit of risk. If you would invest 1,328 in Yili Chuanning Biotechnology on September 1, 2024 and sell it today you would lose (7.00) from holding Yili Chuanning Biotechnology or give up 0.53% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yili Chuanning Biotechnology vs. GRIPM Advanced Materials
Performance |
| Timeline |
| Yili Chuanning Biote |
| GRIPM Advanced Materials |
Yili Chuanning and GRIPM Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yili Chuanning and GRIPM Advanced
The main advantage of trading using opposite Yili Chuanning and GRIPM Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yili Chuanning position performs unexpectedly, GRIPM Advanced 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 GRIPM Advanced will offset losses from the drop in GRIPM Advanced's long position.| Yili Chuanning vs. Agricultural Bank of | Yili Chuanning vs. GRG Banking Equipment | Yili Chuanning vs. Fiberhome Telecommunication Technologies | Yili Chuanning vs. Tongyu Communication |
| GRIPM Advanced vs. Chongqing Shunbo Aluminum | GRIPM Advanced vs. ZYF Lopsking Aluminum | GRIPM Advanced vs. Guangzhou Tinci Materials | GRIPM Advanced vs. Chahua Modern Housewares |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |