Correlation Between Tianjin Realty and Gan Yuan
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By analyzing existing cross correlation between Tianjin Realty Development and Gan Yuan Foods, you can compare the effects of market volatilities on Tianjin Realty and Gan Yuan 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 Tianjin Realty with a short position of Gan Yuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Realty and Gan Yuan.
Diversification Opportunities for Tianjin Realty and Gan Yuan
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Tianjin and Gan is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Realty Development and Gan Yuan Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gan Yuan Foods and Tianjin Realty 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 Tianjin Realty Development are associated (or correlated) with Gan Yuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gan Yuan Foods has no effect on the direction of Tianjin Realty i.e., Tianjin Realty and Gan Yuan go up and down completely randomly.
Pair Corralation between Tianjin Realty and Gan Yuan
Assuming the 90 days trading horizon Tianjin Realty Development is expected to generate 1.37 times more return on investment than Gan Yuan. However, Tianjin Realty is 1.37 times more volatile than Gan Yuan Foods. It trades about -0.04 of its potential returns per unit of risk. Gan Yuan Foods is currently generating about -0.1 per unit of risk. If you would invest 272.00 in Tianjin Realty Development on November 30, 2024 and sell it today you would lose (27.00) from holding Tianjin Realty Development or give up 9.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianjin Realty Development vs. Gan Yuan Foods
Performance |
| Timeline |
| Tianjin Realty Devel |
| Gan Yuan Foods |
Tianjin Realty and Gan Yuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Realty and Gan Yuan
The main advantage of trading using opposite Tianjin Realty and Gan Yuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Realty position performs unexpectedly, Gan Yuan 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 Gan Yuan will offset losses from the drop in Gan Yuan's long position.| Tianjin Realty vs. Nanxing Furniture Machinery | Tianjin Realty vs. Hangzhou Zhongya Machinery | Tianjin Realty vs. Qijing Machinery | Tianjin Realty vs. Long Yuan Construction |
| Gan Yuan vs. Nanxing Furniture Machinery | Gan Yuan vs. Qijing Machinery | Gan Yuan vs. Masterwork Machinery | Gan Yuan vs. AnShan Heavy Duty |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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