Correlation Between Gansu Jiu and Beijing Roborock
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By analyzing existing cross correlation between Gansu Jiu Steel and Beijing Roborock Technology, you can compare the effects of market volatilities on Gansu Jiu and Beijing Roborock 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 Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gansu Jiu and Beijing Roborock.
Diversification Opportunities for Gansu Jiu and Beijing Roborock
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Gansu and Beijing is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Gansu Jiu Steel and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec 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 Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Gansu Jiu i.e., Gansu Jiu and Beijing Roborock go up and down completely randomly.
Pair Corralation between Gansu Jiu and Beijing Roborock
Assuming the 90 days trading horizon Gansu Jiu Steel is expected to under-perform the Beijing Roborock. In addition to that, Gansu Jiu is 1.3 times more volatile than Beijing Roborock Technology. It trades about -0.01 of its total potential returns per unit of risk. Beijing Roborock Technology is currently generating about 0.02 per unit of volatility. If you would invest 20,884 in Beijing Roborock Technology on September 28, 2024 and sell it today you would earn a total of 116.00 from holding Beijing Roborock Technology or generate 0.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gansu Jiu Steel vs. Beijing Roborock Technology
Performance |
| Timeline |
| Gansu Jiu Steel |
| Beijing Roborock Tec |
Gansu Jiu and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gansu Jiu and Beijing Roborock
The main advantage of trading using opposite Gansu Jiu and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gansu Jiu position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| Gansu Jiu vs. Wanhua Chemical Group | Gansu Jiu vs. Shandong Gold Mining | Gansu Jiu vs. Rongsheng Petrochemical Co | Gansu Jiu vs. Inner Mongolia BaoTou |
| Beijing Roborock vs. Qijing Machinery | Beijing Roborock vs. Ningbo Construction Co | Beijing Roborock vs. Allied Machinery Co | Beijing Roborock vs. Shanghai Construction Group |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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