Correlation Between Gansu Jiu and AUPU Home
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By analyzing existing cross correlation between Gansu Jiu Steel and AUPU Home Style, you can compare the effects of market volatilities on Gansu Jiu and AUPU Home 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 AUPU Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gansu Jiu and AUPU Home.
Diversification Opportunities for Gansu Jiu and AUPU Home
Very poor diversification
The 3 months correlation between Gansu and AUPU is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Gansu Jiu Steel and AUPU Home Style in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AUPU Home Style 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 AUPU Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AUPU Home Style has no effect on the direction of Gansu Jiu i.e., Gansu Jiu and AUPU Home go up and down completely randomly.
Pair Corralation between Gansu Jiu and AUPU Home
Assuming the 90 days trading horizon Gansu Jiu is expected to generate 5.74 times less return on investment than AUPU Home. In addition to that, Gansu Jiu is 1.21 times more volatile than AUPU Home Style. It trades about 0.01 of its total potential returns per unit of risk. AUPU Home Style is currently generating about 0.08 per unit of volatility. If you would invest 1,137 in AUPU Home Style on September 12, 2024 and sell it today you would earn a total of 34.00 from holding AUPU Home Style or generate 2.99% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Gansu Jiu Steel vs. AUPU Home Style
Performance |
Timeline |
Gansu Jiu Steel |
AUPU Home Style |
Gansu Jiu and AUPU Home Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Gansu Jiu and AUPU Home
The main advantage of trading using opposite Gansu Jiu and AUPU Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gansu Jiu position performs unexpectedly, AUPU Home 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 AUPU Home will offset losses from the drop in AUPU Home's long position.Gansu Jiu vs. Zijin Mining Group | Gansu Jiu vs. Wanhua Chemical Group | Gansu Jiu vs. Baoshan Iron Steel | Gansu Jiu vs. Rongsheng Petrochemical Co |
AUPU Home vs. Lutian Machinery Co | AUPU Home vs. PetroChina Co Ltd | AUPU Home vs. Bank of China | AUPU Home 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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