Correlation Between Hangzhou Gisway and Guangdong Jingyi
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hangzhou Gisway Information and Guangdong Jingyi Metal, you can compare the effects of market volatilities on Hangzhou Gisway and Guangdong Jingyi 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 Gisway with a short position of Guangdong Jingyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Gisway and Guangdong Jingyi.
Diversification Opportunities for Hangzhou Gisway and Guangdong Jingyi
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Hangzhou and Guangdong is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Gisway Information and Guangdong Jingyi Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Jingyi Metal and Hangzhou Gisway 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 Gisway Information are associated (or correlated) with Guangdong Jingyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Jingyi Metal has no effect on the direction of Hangzhou Gisway i.e., Hangzhou Gisway and Guangdong Jingyi go up and down completely randomly.
Pair Corralation between Hangzhou Gisway and Guangdong Jingyi
Assuming the 90 days trading horizon Hangzhou Gisway is expected to generate 1.61 times less return on investment than Guangdong Jingyi. In addition to that, Hangzhou Gisway is 1.61 times more volatile than Guangdong Jingyi Metal. It trades about 0.08 of its total potential returns per unit of risk. Guangdong Jingyi Metal is currently generating about 0.22 per unit of volatility. If you would invest 718.00 in Guangdong Jingyi Metal on September 12, 2024 and sell it today you would earn a total of 55.00 from holding Guangdong Jingyi Metal or generate 7.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hangzhou Gisway Information vs. Guangdong Jingyi Metal
Performance |
| Timeline |
| Hangzhou Gisway Info |
| Guangdong Jingyi Metal |
Hangzhou Gisway and Guangdong Jingyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Gisway and Guangdong Jingyi
The main advantage of trading using opposite Hangzhou Gisway and Guangdong Jingyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Gisway position performs unexpectedly, Guangdong Jingyi 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 Guangdong Jingyi will offset losses from the drop in Guangdong Jingyi's long position.| Hangzhou Gisway vs. Gansu Jiu Steel | Hangzhou Gisway vs. Shandong Mining Machinery | Hangzhou Gisway vs. Aba Chemicals Corp | Hangzhou Gisway vs. BlueFocus Communication Group |
| Guangdong Jingyi vs. Zijin Mining Group | Guangdong Jingyi vs. Wanhua Chemical Group | Guangdong Jingyi vs. Baoshan Iron Steel | Guangdong Jingyi vs. Rongsheng Petrochemical Co |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |