Correlation Between Gansu Jiu and Markor International
Specify exactly 2 symbols:
By analyzing existing cross correlation between Gansu Jiu Steel and Markor International Home, you can compare the effects of market volatilities on Gansu Jiu and Markor International 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 Markor International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gansu Jiu and Markor International.
Diversification Opportunities for Gansu Jiu and Markor International
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Gansu and Markor is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Gansu Jiu Steel and Markor International Home in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Markor International Home 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 Markor International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Markor International Home has no effect on the direction of Gansu Jiu i.e., Gansu Jiu and Markor International go up and down completely randomly.
Pair Corralation between Gansu Jiu and Markor International
Assuming the 90 days trading horizon Gansu Jiu Steel is expected to generate 0.51 times more return on investment than Markor International. However, Gansu Jiu Steel is 1.94 times less risky than Markor International. It trades about -0.07 of its potential returns per unit of risk. Markor International Home is currently generating about -0.21 per unit of risk. If you would invest 150.00 in Gansu Jiu Steel on November 4, 2024 and sell it today you would lose (3.00) from holding Gansu Jiu Steel or give up 2.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gansu Jiu Steel vs. Markor International Home
Performance |
| Timeline |
| Gansu Jiu Steel |
| Markor International Home |
Gansu Jiu and Markor International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gansu Jiu and Markor International
The main advantage of trading using opposite Gansu Jiu and Markor International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gansu Jiu position performs unexpectedly, Markor International 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 Markor International will offset losses from the drop in Markor International's long position.| Gansu Jiu vs. Eyebright Medical Technology | Gansu Jiu vs. FSPG Hi Tech Co | Gansu Jiu vs. Hengkang Medical Group | Gansu Jiu vs. Maxvision Technology 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |