Correlation Between Gansu Jiu and Lander Sports
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By analyzing existing cross correlation between Gansu Jiu Steel and Lander Sports Development, you can compare the effects of market volatilities on Gansu Jiu and Lander Sports 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 Jiu with a short position of Lander Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gansu Jiu and Lander Sports.
Diversification Opportunities for Gansu Jiu and Lander Sports
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Gansu and Lander is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Gansu Jiu Steel and Lander Sports Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lander Sports Development and Gansu Jiu 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 Jiu Steel are associated (or correlated) with Lander Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lander Sports Development has no effect on the direction of Gansu Jiu i.e., Gansu Jiu and Lander Sports go up and down completely randomly.
Pair Corralation between Gansu Jiu and Lander Sports
Assuming the 90 days trading horizon Gansu Jiu Steel is expected to generate 1.47 times more return on investment than Lander Sports. However, Gansu Jiu is 1.47 times more volatile than Lander Sports Development. It trades about -0.06 of its potential returns per unit of risk. Lander Sports Development is currently generating about -0.13 per unit of risk. If you would invest 175.00 in Gansu Jiu Steel on August 29, 2024 and sell it today you would lose (14.00) from holding Gansu Jiu Steel or give up 8.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gansu Jiu Steel vs. Lander Sports Development
Performance |
| Timeline |
| Gansu Jiu Steel |
| Lander Sports Development |
Gansu Jiu and Lander Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gansu Jiu and Lander Sports
The main advantage of trading using opposite Gansu Jiu and Lander Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gansu Jiu position performs unexpectedly, Lander Sports 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 Lander Sports will offset losses from the drop in Lander Sports' long position.| Gansu Jiu vs. Wanhua Chemical Group | Gansu Jiu vs. Baoshan Iron Steel | Gansu Jiu vs. Shandong Gold Mining | Gansu Jiu vs. Rongsheng Petrochemical Co |
| Lander Sports vs. Cambricon Technologies Corp | Lander Sports vs. Empyrean Technology Co | Lander Sports vs. Kuang Chi Technologies | Lander Sports vs. Gansu Jiu Steel |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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