Correlation Between State Grid and 37 Interactive
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By analyzing existing cross correlation between State Grid InformationCommunication and 37 Interactive Entertainment, you can compare the effects of market volatilities on State Grid and 37 Interactive 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 State Grid with a short position of 37 Interactive. Check out your portfolio center. Please also check ongoing floating volatility patterns of State Grid and 37 Interactive.
Diversification Opportunities for State Grid and 37 Interactive
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between State and 002555 is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding State Grid InformationCommunic and 37 Interactive Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 37 Interactive Enter and State Grid 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 State Grid InformationCommunication are associated (or correlated) with 37 Interactive. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 37 Interactive Enter has no effect on the direction of State Grid i.e., State Grid and 37 Interactive go up and down completely randomly.
Pair Corralation between State Grid and 37 Interactive
Assuming the 90 days trading horizon State Grid InformationCommunication is expected to generate 0.84 times more return on investment than 37 Interactive. However, State Grid InformationCommunication is 1.19 times less risky than 37 Interactive. It trades about 0.02 of its potential returns per unit of risk. 37 Interactive Entertainment is currently generating about 0.0 per unit of risk. If you would invest 1,700 in State Grid InformationCommunication on October 15, 2024 and sell it today you would earn a total of 57.00 from holding State Grid InformationCommunication or generate 3.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
State Grid InformationCommunic vs. 37 Interactive Entertainment
Performance |
| Timeline |
| State Grid Informati |
| 37 Interactive Enter |
State Grid and 37 Interactive Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with State Grid and 37 Interactive
The main advantage of trading using opposite State Grid and 37 Interactive positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if State Grid position performs unexpectedly, 37 Interactive 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 37 Interactive will offset losses from the drop in 37 Interactive's long position.| State Grid vs. Guizhou Chanhen Chemical | State Grid vs. Telling Telecommunication Holding | State Grid vs. Hengli Petrochemical Co | State Grid vs. Xiangyang Automobile Bearing |
| 37 Interactive vs. Bank of Communications | 37 Interactive vs. Beijing YanDong MicroElectronic | 37 Interactive vs. Runjian Communication Co | 37 Interactive vs. State Grid InformationCommunication |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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