Correlation Between Hangzhou Gisway and Giantec Semiconductor
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By analyzing existing cross correlation between Hangzhou Gisway Information and Giantec Semiconductor Corp, you can compare the effects of market volatilities on Hangzhou Gisway and Giantec Semiconductor 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 Giantec Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Gisway and Giantec Semiconductor.
Diversification Opportunities for Hangzhou Gisway and Giantec Semiconductor
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Hangzhou and Giantec is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Gisway Information and Giantec Semiconductor Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Giantec Semiconductor 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 Giantec Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Giantec Semiconductor has no effect on the direction of Hangzhou Gisway i.e., Hangzhou Gisway and Giantec Semiconductor go up and down completely randomly.
Pair Corralation between Hangzhou Gisway and Giantec Semiconductor
Assuming the 90 days trading horizon Hangzhou Gisway Information is expected to under-perform the Giantec Semiconductor. But the stock apears to be less risky and, when comparing its historical volatility, Hangzhou Gisway Information is 1.63 times less risky than Giantec Semiconductor. The stock trades about -0.11 of its potential returns per unit of risk. The Giantec Semiconductor Corp is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 5,609 in Giantec Semiconductor Corp on November 3, 2024 and sell it today you would earn a total of 1,255 from holding Giantec Semiconductor Corp or generate 22.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hangzhou Gisway Information vs. Giantec Semiconductor Corp
Performance |
| Timeline |
| Hangzhou Gisway Info |
| Giantec Semiconductor |
Hangzhou Gisway and Giantec Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Gisway and Giantec Semiconductor
The main advantage of trading using opposite Hangzhou Gisway and Giantec Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Gisway position performs unexpectedly, Giantec Semiconductor 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 Giantec Semiconductor will offset losses from the drop in Giantec Semiconductor's long position.| Hangzhou Gisway vs. China State Construction | Hangzhou Gisway vs. Poly Real Estate | Hangzhou Gisway vs. China Vanke Co | Hangzhou Gisway vs. China Merchants Shekou |
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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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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