Correlation Between Techshine Electronics and Gan Yuan
Specify exactly 2 symbols:
By analyzing existing cross correlation between Techshine Electronics Co and Gan Yuan Foods, you can compare the effects of market volatilities on Techshine Electronics and Gan Yuan 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 Techshine Electronics with a short position of Gan Yuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Techshine Electronics and Gan Yuan.
Diversification Opportunities for Techshine Electronics and Gan Yuan
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Techshine and Gan is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Techshine Electronics Co and Gan Yuan Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gan Yuan Foods and Techshine Electronics 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 Techshine Electronics Co are associated (or correlated) with Gan Yuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gan Yuan Foods has no effect on the direction of Techshine Electronics i.e., Techshine Electronics and Gan Yuan go up and down completely randomly.
Pair Corralation between Techshine Electronics and Gan Yuan
Assuming the 90 days trading horizon Techshine Electronics Co is expected to generate 1.06 times more return on investment than Gan Yuan. However, Techshine Electronics is 1.06 times more volatile than Gan Yuan Foods. It trades about 0.01 of its potential returns per unit of risk. Gan Yuan Foods is currently generating about -0.01 per unit of risk. If you would invest 2,135 in Techshine Electronics Co on October 25, 2024 and sell it today you would lose (11.00) from holding Techshine Electronics Co or give up 0.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Techshine Electronics Co vs. Gan Yuan Foods
Performance |
| Timeline |
| Techshine Electronics |
| Gan Yuan Foods |
Techshine Electronics and Gan Yuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Techshine Electronics and Gan Yuan
The main advantage of trading using opposite Techshine Electronics and Gan Yuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Techshine Electronics position performs unexpectedly, Gan Yuan 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 Gan Yuan will offset losses from the drop in Gan Yuan's long position.| Techshine Electronics vs. Kweichow Moutai Co | Techshine Electronics vs. NAURA Technology Group | Techshine Electronics vs. APT Medical | Techshine Electronics vs. BYD Co Ltd |
| Gan Yuan vs. Agricultural Bank of | Gan Yuan vs. Postal Savings Bank | Gan Yuan vs. Bank of Communications | Gan Yuan vs. China Merchants Bank |
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.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |