Correlation Between Renxin New and Gan Yuan
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By analyzing existing cross correlation between Renxin New Material and Gan Yuan Foods, you can compare the effects of market volatilities on Renxin New 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 Renxin New with a short position of Gan Yuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Renxin New and Gan Yuan.
Diversification Opportunities for Renxin New and Gan Yuan
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Renxin and Gan is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Renxin New Material 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 Renxin New 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 Renxin New Material 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 Renxin New i.e., Renxin New and Gan Yuan go up and down completely randomly.
Pair Corralation between Renxin New and Gan Yuan
If you would invest 5,164 in Gan Yuan Foods on August 30, 2024 and sell it today you would earn a total of 2,725 from holding Gan Yuan Foods or generate 52.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Renxin New Material vs. Gan Yuan Foods
Performance |
| Timeline |
| Renxin New Material |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
| Gan Yuan Foods |
Renxin New and Gan Yuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Renxin New and Gan Yuan
The main advantage of trading using opposite Renxin New and Gan Yuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Renxin New 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.| Renxin New vs. Jiahe Foods Industry | Renxin New vs. Iat Automobile Technology | Renxin New vs. Xinjiang Tianrun Dairy | Renxin New vs. Anhui Jianghuai Automobile |
| Gan Yuan vs. JCHX Mining Management | Gan Yuan vs. Chengdu Spaceon Electronics | Gan Yuan vs. Western Metal Materials | Gan Yuan vs. Jiaozuo Wanfang Aluminum |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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