Correlation Between Grandblue Environment and Chongqing Shunbo
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By analyzing existing cross correlation between Grandblue Environment Co and Chongqing Shunbo Aluminum, you can compare the effects of market volatilities on Grandblue Environment and Chongqing Shunbo 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 Grandblue Environment with a short position of Chongqing Shunbo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grandblue Environment and Chongqing Shunbo.
Diversification Opportunities for Grandblue Environment and Chongqing Shunbo
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Grandblue and Chongqing is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Grandblue Environment Co and Chongqing Shunbo Aluminum in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Shunbo Aluminum and Grandblue Environment 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 Grandblue Environment Co are associated (or correlated) with Chongqing Shunbo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Shunbo Aluminum has no effect on the direction of Grandblue Environment i.e., Grandblue Environment and Chongqing Shunbo go up and down completely randomly.
Pair Corralation between Grandblue Environment and Chongqing Shunbo
Assuming the 90 days trading horizon Grandblue Environment Co is expected to generate 0.66 times more return on investment than Chongqing Shunbo. However, Grandblue Environment Co is 1.52 times less risky than Chongqing Shunbo. It trades about -0.12 of its potential returns per unit of risk. Chongqing Shunbo Aluminum is currently generating about -0.08 per unit of risk. If you would invest 2,271 in Grandblue Environment Co on October 16, 2024 and sell it today you would lose (85.00) from holding Grandblue Environment Co or give up 3.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grandblue Environment Co vs. Chongqing Shunbo Aluminum
Performance |
| Timeline |
| Grandblue Environment |
| Chongqing Shunbo Aluminum |
Grandblue Environment and Chongqing Shunbo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grandblue Environment and Chongqing Shunbo
The main advantage of trading using opposite Grandblue Environment and Chongqing Shunbo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grandblue Environment position performs unexpectedly, Chongqing Shunbo 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 Chongqing Shunbo will offset losses from the drop in Chongqing Shunbo's long position.| Grandblue Environment vs. Chongqing Shunbo Aluminum | Grandblue Environment vs. Harbin Hatou Investment | Grandblue Environment vs. Hefei Metalforming Mach | Grandblue Environment vs. Sino Platinum Metals Co |
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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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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