Correlation Between Hangzhou Gisway and Beken Corp
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hangzhou Gisway Information and Beken Corp, you can compare the effects of market volatilities on Hangzhou Gisway and Beken Corp 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 Beken Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Gisway and Beken Corp.
Diversification Opportunities for Hangzhou Gisway and Beken Corp
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Hangzhou and Beken is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Gisway Information and Beken Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beken Corp 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 Beken Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beken Corp has no effect on the direction of Hangzhou Gisway i.e., Hangzhou Gisway and Beken Corp go up and down completely randomly.
Pair Corralation between Hangzhou Gisway and Beken Corp
Assuming the 90 days trading horizon Hangzhou Gisway is expected to generate 1.39 times less return on investment than Beken Corp. In addition to that, Hangzhou Gisway is 1.22 times more volatile than Beken Corp. It trades about 0.01 of its total potential returns per unit of risk. Beken Corp is currently generating about 0.02 per unit of volatility. If you would invest 2,922 in Beken Corp on September 26, 2024 and sell it today you would earn a total of 173.00 from holding Beken Corp or generate 5.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 83.65% |
| Values | Daily Returns |
Hangzhou Gisway Information vs. Beken Corp
Performance |
| Timeline |
| Hangzhou Gisway Info |
| Beken Corp |
Hangzhou Gisway and Beken Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Gisway and Beken Corp
The main advantage of trading using opposite Hangzhou Gisway and Beken Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Gisway position performs unexpectedly, Beken Corp 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 Beken Corp will offset losses from the drop in Beken Corp's long position.| Hangzhou Gisway vs. Kweichow Moutai Co | Hangzhou Gisway vs. Shenzhen Mindray Bio Medical | Hangzhou Gisway vs. Jiangsu Pacific Quartz | Hangzhou Gisway vs. G bits Network Technology |
| Beken Corp vs. Industrial and Commercial | Beken Corp vs. China Construction Bank | Beken Corp vs. Agricultural Bank of | Beken Corp vs. Bank of China |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |