Correlation Between GKHT Medical and Servyou Software
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By analyzing existing cross correlation between GKHT Medical Technology and Servyou Software Group, you can compare the effects of market volatilities on GKHT Medical and Servyou Software 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 Servyou Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of GKHT Medical and Servyou Software.
Diversification Opportunities for GKHT Medical and Servyou Software
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between GKHT and Servyou is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding GKHT Medical Technology and Servyou Software Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Servyou Software 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 Servyou Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Servyou Software has no effect on the direction of GKHT Medical i.e., GKHT Medical and Servyou Software go up and down completely randomly.
Pair Corralation between GKHT Medical and Servyou Software
Assuming the 90 days trading horizon GKHT Medical Technology is expected to under-perform the Servyou Software. But the stock apears to be less risky and, when comparing its historical volatility, GKHT Medical Technology is 1.86 times less risky than Servyou Software. The stock trades about -0.01 of its potential returns per unit of risk. The Servyou Software Group is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 2,805 in Servyou Software Group on September 5, 2024 and sell it today you would earn a total of 575.00 from holding Servyou Software Group or generate 20.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
GKHT Medical Technology vs. Servyou Software Group
Performance |
| Timeline |
| GKHT Medical Technology |
| Servyou Software |
GKHT Medical and Servyou Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GKHT Medical and Servyou Software
The main advantage of trading using opposite GKHT Medical and Servyou Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GKHT Medical position performs unexpectedly, Servyou Software 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 Servyou Software will offset losses from the drop in Servyou Software's long position.| GKHT Medical vs. Kweichow Moutai Co | GKHT Medical vs. Contemporary Amperex Technology | GKHT Medical vs. G bits Network Technology | GKHT Medical vs. Beijing Roborock Technology |
| Servyou Software vs. Changjiang Jinggong Steel | Servyou Software vs. Double Medical Technology | Servyou Software vs. GKHT Medical Technology | Servyou Software vs. City Development Environment |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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