Correlation Between Baoshan Iron and GKHT Medical
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By analyzing existing cross correlation between Baoshan Iron Steel and GKHT Medical Technology, you can compare the effects of market volatilities on Baoshan Iron and GKHT Medical 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 Baoshan Iron with a short position of GKHT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Baoshan Iron and GKHT Medical.
Diversification Opportunities for Baoshan Iron and GKHT Medical
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Baoshan and GKHT is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Baoshan Iron Steel and GKHT Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GKHT Medical Technology and Baoshan Iron 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 Baoshan Iron Steel are associated (or correlated) with GKHT Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GKHT Medical Technology has no effect on the direction of Baoshan Iron i.e., Baoshan Iron and GKHT Medical go up and down completely randomly.
Pair Corralation between Baoshan Iron and GKHT Medical
Assuming the 90 days trading horizon Baoshan Iron Steel is expected to generate 0.46 times more return on investment than GKHT Medical. However, Baoshan Iron Steel is 2.17 times less risky than GKHT Medical. It trades about 0.02 of its potential returns per unit of risk. GKHT Medical Technology is currently generating about -0.05 per unit of risk. If you would invest 602.00 in Baoshan Iron Steel on October 16, 2024 and sell it today you would earn a total of 49.00 from holding Baoshan Iron Steel or generate 8.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 76.78% |
| Values | Daily Returns |
Baoshan Iron Steel vs. GKHT Medical Technology
Performance |
| Timeline |
| Baoshan Iron Steel |
| GKHT Medical Technology |
Baoshan Iron and GKHT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Baoshan Iron and GKHT Medical
The main advantage of trading using opposite Baoshan Iron and GKHT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Baoshan Iron position performs unexpectedly, GKHT Medical 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 GKHT Medical will offset losses from the drop in GKHT Medical's long position.| Baoshan Iron vs. Changchun BCHT Biotechnology | Baoshan Iron vs. Yili Chuanning Biotechnology | Baoshan Iron vs. MayAir Technology Co | Baoshan Iron vs. Liaoning Chengda Biotechnology |
| GKHT Medical vs. Shanghai V Test Semiconductor | GKHT Medical vs. Baoshan Iron Steel | GKHT Medical vs. Elite Color Environmental | GKHT Medical vs. Hangzhou Guotai Environmental |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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