Correlation Between Hangzhou Gisway and Gem Year
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By analyzing existing cross correlation between Hangzhou Gisway Information and Gem Year Industrial Co, you can compare the effects of market volatilities on Hangzhou Gisway and Gem Year 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 Gem Year. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Gisway and Gem Year.
Diversification Opportunities for Hangzhou Gisway and Gem Year
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hangzhou and Gem is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Gisway Information and Gem Year Industrial Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gem Year Industrial 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 Gem Year. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gem Year Industrial has no effect on the direction of Hangzhou Gisway i.e., Hangzhou Gisway and Gem Year go up and down completely randomly.
Pair Corralation between Hangzhou Gisway and Gem Year
Assuming the 90 days trading horizon Hangzhou Gisway Information is expected to generate 2.81 times more return on investment than Gem Year. However, Hangzhou Gisway is 2.81 times more volatile than Gem Year Industrial Co. It trades about -0.05 of its potential returns per unit of risk. Gem Year Industrial Co is currently generating about -0.21 per unit of risk. If you would invest 3,310 in Hangzhou Gisway Information on October 14, 2024 and sell it today you would lose (335.00) from holding Hangzhou Gisway Information or give up 10.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hangzhou Gisway Information vs. Gem Year Industrial Co
Performance |
| Timeline |
| Hangzhou Gisway Info |
| Gem Year Industrial |
Hangzhou Gisway and Gem Year Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Gisway and Gem Year
The main advantage of trading using opposite Hangzhou Gisway and Gem Year positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Gisway position performs unexpectedly, Gem Year 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 Gem Year will offset losses from the drop in Gem Year's long position.| Hangzhou Gisway vs. Tianjin Ruixin Technology | Hangzhou Gisway vs. Fujian Longzhou Transportation | Hangzhou Gisway vs. Heilongjiang Transport Development | Hangzhou Gisway vs. Jiangsu Jinling Sports |
| Gem Year vs. Guangzhou Haige Communications | Gem Year vs. Xiangyang Automobile Bearing | Gem Year vs. Guizhou Chanhen Chemical | Gem Year vs. Tongyu Communication |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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