Correlation Between Gansu Jiu and Mango Excellent
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By analyzing existing cross correlation between Gansu Jiu Steel and Mango Excellent Media, you can compare the effects of market volatilities on Gansu Jiu and Mango Excellent 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 Mango Excellent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gansu Jiu and Mango Excellent.
Diversification Opportunities for Gansu Jiu and Mango Excellent
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Gansu and Mango is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Gansu Jiu Steel and Mango Excellent Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mango Excellent Media 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 Mango Excellent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mango Excellent Media has no effect on the direction of Gansu Jiu i.e., Gansu Jiu and Mango Excellent go up and down completely randomly.
Pair Corralation between Gansu Jiu and Mango Excellent
Assuming the 90 days trading horizon Gansu Jiu Steel is expected to under-perform the Mango Excellent. In addition to that, Gansu Jiu is 1.0 times more volatile than Mango Excellent Media. It trades about -0.3 of its total potential returns per unit of risk. Mango Excellent Media is currently generating about -0.17 per unit of volatility. If you would invest 2,850 in Mango Excellent Media on October 25, 2024 and sell it today you would lose (196.00) from holding Mango Excellent Media or give up 6.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gansu Jiu Steel vs. Mango Excellent Media
Performance |
| Timeline |
| Gansu Jiu Steel |
| Mango Excellent Media |
Gansu Jiu and Mango Excellent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gansu Jiu and Mango Excellent
The main advantage of trading using opposite Gansu Jiu and Mango Excellent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gansu Jiu position performs unexpectedly, Mango Excellent 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 Mango Excellent will offset losses from the drop in Mango Excellent's long position.| Gansu Jiu vs. Dynagreen Environmental Protection | Gansu Jiu vs. Universal Scientific Industrial | Gansu Jiu vs. Anyang Iron Steel | Gansu Jiu vs. Tongxing Environmental Protection |
| Mango Excellent vs. PetroChina Co Ltd | Mango Excellent vs. Gansu Jiu Steel | Mango Excellent vs. Ming Yang Smart | Mango Excellent vs. Aba Chemicals Corp |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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