Correlation Between Gree Real and Puyang Huicheng
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By analyzing existing cross correlation between Gree Real Estate and Puyang Huicheng Electronic, you can compare the effects of market volatilities on Gree Real and Puyang Huicheng 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 Gree Real with a short position of Puyang Huicheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gree Real and Puyang Huicheng.
Diversification Opportunities for Gree Real and Puyang Huicheng
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Gree and Puyang is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Gree Real Estate and Puyang Huicheng Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Puyang Huicheng Elec and Gree Real 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 Gree Real Estate are associated (or correlated) with Puyang Huicheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Puyang Huicheng Elec has no effect on the direction of Gree Real i.e., Gree Real and Puyang Huicheng go up and down completely randomly.
Pair Corralation between Gree Real and Puyang Huicheng
Assuming the 90 days trading horizon Gree Real Estate is expected to generate 1.12 times more return on investment than Puyang Huicheng. However, Gree Real is 1.12 times more volatile than Puyang Huicheng Electronic. It trades about 0.01 of its potential returns per unit of risk. Puyang Huicheng Electronic is currently generating about -0.02 per unit of risk. If you would invest 867.00 in Gree Real Estate on September 3, 2024 and sell it today you would lose (102.00) from holding Gree Real Estate or give up 11.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gree Real Estate vs. Puyang Huicheng Electronic
Performance |
| Timeline |
| Gree Real Estate |
| Puyang Huicheng Elec |
Gree Real and Puyang Huicheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gree Real and Puyang Huicheng
The main advantage of trading using opposite Gree Real and Puyang Huicheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gree Real position performs unexpectedly, Puyang Huicheng 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 Puyang Huicheng will offset losses from the drop in Puyang Huicheng's long position.| Gree Real vs. Puyang Huicheng Electronic | Gree Real vs. Epoxy Base Electronic | Gree Real vs. Hunan TV Broadcast | Gree Real vs. Fuzhou Rockchip Electronics |
| Puyang Huicheng vs. Zijin Mining Group | Puyang Huicheng vs. Wanhua Chemical Group | Puyang Huicheng vs. Baoshan Iron Steel | Puyang Huicheng vs. Rongsheng Petrochemical Co |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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