Correlation Between Grinm Advanced and GRIPM Advanced
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By analyzing existing cross correlation between Grinm Advanced Materials and GRIPM Advanced Materials, you can compare the effects of market volatilities on Grinm Advanced and GRIPM Advanced 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 Grinm Advanced with a short position of GRIPM Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grinm Advanced and GRIPM Advanced.
Diversification Opportunities for Grinm Advanced and GRIPM Advanced
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Grinm and GRIPM is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Grinm Advanced Materials and GRIPM Advanced Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRIPM Advanced Materials and Grinm Advanced 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 Grinm Advanced Materials are associated (or correlated) with GRIPM Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRIPM Advanced Materials has no effect on the direction of Grinm Advanced i.e., Grinm Advanced and GRIPM Advanced go up and down completely randomly.
Pair Corralation between Grinm Advanced and GRIPM Advanced
Assuming the 90 days trading horizon Grinm Advanced Materials is expected to generate 0.84 times more return on investment than GRIPM Advanced. However, Grinm Advanced Materials is 1.2 times less risky than GRIPM Advanced. It trades about 0.05 of its potential returns per unit of risk. GRIPM Advanced Materials is currently generating about 0.02 per unit of risk. If you would invest 1,332 in Grinm Advanced Materials on August 31, 2024 and sell it today you would earn a total of 711.00 from holding Grinm Advanced Materials or generate 53.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grinm Advanced Materials vs. GRIPM Advanced Materials
Performance |
| Timeline |
| Grinm Advanced Materials |
| GRIPM Advanced Materials |
Grinm Advanced and GRIPM Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grinm Advanced and GRIPM Advanced
The main advantage of trading using opposite Grinm Advanced and GRIPM Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grinm Advanced position performs unexpectedly, GRIPM Advanced 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 GRIPM Advanced will offset losses from the drop in GRIPM Advanced's long position.| Grinm Advanced vs. Kweichow Moutai Co | Grinm Advanced vs. NAURA Technology Group | Grinm Advanced vs. APT Medical | Grinm Advanced vs. Contemporary Amperex Technology |
| GRIPM Advanced vs. Zijin Mining Group | GRIPM Advanced vs. Baoshan Iron Steel | GRIPM Advanced vs. Rongsheng Petrochemical Co | GRIPM Advanced vs. Hoshine Silicon Ind |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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