Correlation Between GKHT Medical and Miracll Chemicals
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By analyzing existing cross correlation between GKHT Medical Technology and Miracll Chemicals Co, you can compare the effects of market volatilities on GKHT Medical and Miracll Chemicals 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 GKHT Medical with a short position of Miracll Chemicals. Check out your portfolio center. Please also check ongoing floating volatility patterns of GKHT Medical and Miracll Chemicals.
Diversification Opportunities for GKHT Medical and Miracll Chemicals
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between GKHT and Miracll is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding GKHT Medical Technology and Miracll Chemicals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Miracll Chemicals and GKHT Medical 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 GKHT Medical Technology are associated (or correlated) with Miracll Chemicals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Miracll Chemicals has no effect on the direction of GKHT Medical i.e., GKHT Medical and Miracll Chemicals go up and down completely randomly.
Pair Corralation between GKHT Medical and Miracll Chemicals
Assuming the 90 days trading horizon GKHT Medical Technology is expected to under-perform the Miracll Chemicals. In addition to that, GKHT Medical is 1.22 times more volatile than Miracll Chemicals Co. It trades about -0.05 of its total potential returns per unit of risk. Miracll Chemicals Co is currently generating about 0.02 per unit of volatility. If you would invest 1,473 in Miracll Chemicals Co on October 15, 2024 and sell it today you would earn a total of 30.00 from holding Miracll Chemicals Co or generate 2.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 76.78% |
| Values | Daily Returns |
GKHT Medical Technology vs. Miracll Chemicals Co
Performance |
| Timeline |
| GKHT Medical Technology |
| Miracll Chemicals |
GKHT Medical and Miracll Chemicals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GKHT Medical and Miracll Chemicals
The main advantage of trading using opposite GKHT Medical and Miracll Chemicals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GKHT Medical position performs unexpectedly, Miracll Chemicals 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 Miracll Chemicals will offset losses from the drop in Miracll Chemicals' long position.| 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 |
| Miracll Chemicals vs. Elite Color Environmental | Miracll Chemicals vs. Central Plains Environment | Miracll Chemicals vs. Gansu Huangtai Wine marketing | Miracll Chemicals vs. Henan Shuanghui Investment |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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