Correlation Between Gansu Yasheng and Beijing SPC
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By analyzing existing cross correlation between Gansu Yasheng Industrial and Beijing SPC Environment, you can compare the effects of market volatilities on Gansu Yasheng and Beijing SPC 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 Gansu Yasheng with a short position of Beijing SPC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gansu Yasheng and Beijing SPC.
Diversification Opportunities for Gansu Yasheng and Beijing SPC
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Gansu and Beijing is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Gansu Yasheng Industrial and Beijing SPC Environment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing SPC Environment and Gansu Yasheng 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 Gansu Yasheng Industrial are associated (or correlated) with Beijing SPC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing SPC Environment has no effect on the direction of Gansu Yasheng i.e., Gansu Yasheng and Beijing SPC go up and down completely randomly.
Pair Corralation between Gansu Yasheng and Beijing SPC
Assuming the 90 days trading horizon Gansu Yasheng Industrial is expected to generate 0.93 times more return on investment than Beijing SPC. However, Gansu Yasheng Industrial is 1.08 times less risky than Beijing SPC. It trades about 0.03 of its potential returns per unit of risk. Beijing SPC Environment is currently generating about -0.01 per unit of risk. If you would invest 289.00 in Gansu Yasheng Industrial on September 4, 2024 and sell it today you would earn a total of 29.00 from holding Gansu Yasheng Industrial or generate 10.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gansu Yasheng Industrial vs. Beijing SPC Environment
Performance |
| Timeline |
| Gansu Yasheng Industrial |
| Beijing SPC Environment |
Gansu Yasheng and Beijing SPC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gansu Yasheng and Beijing SPC
The main advantage of trading using opposite Gansu Yasheng and Beijing SPC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gansu Yasheng position performs unexpectedly, Beijing SPC 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 Beijing SPC will offset losses from the drop in Beijing SPC's long position.| Gansu Yasheng vs. Sanbo Hospital Management | Gansu Yasheng vs. Huatian Hotel Group | Gansu Yasheng vs. Andon Health Co | Gansu Yasheng vs. Yunnan Jianzhijia Health Chain |
| Beijing SPC vs. Agricultural Bank of | Beijing SPC vs. Industrial and Commercial | Beijing SPC vs. Bank of China | Beijing SPC vs. China Construction Bank |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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