Correlation Between Grandblue Environment and Chongqing Brewery
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By analyzing existing cross correlation between Grandblue Environment Co and Chongqing Brewery Co, you can compare the effects of market volatilities on Grandblue Environment and Chongqing Brewery 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 Brewery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grandblue Environment and Chongqing Brewery.
Diversification Opportunities for Grandblue Environment and Chongqing Brewery
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Grandblue and Chongqing is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Grandblue Environment Co and Chongqing Brewery Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Brewery 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 Brewery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Brewery has no effect on the direction of Grandblue Environment i.e., Grandblue Environment and Chongqing Brewery go up and down completely randomly.
Pair Corralation between Grandblue Environment and Chongqing Brewery
Assuming the 90 days trading horizon Grandblue Environment Co is expected to generate 0.96 times more return on investment than Chongqing Brewery. However, Grandblue Environment Co is 1.04 times less risky than Chongqing Brewery. It trades about -0.04 of its potential returns per unit of risk. Chongqing Brewery Co is currently generating about -0.54 per unit of risk. If you would invest 2,225 in Grandblue Environment Co on October 14, 2024 and sell it today you would lose (31.00) from holding Grandblue Environment Co or give up 1.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grandblue Environment Co vs. Chongqing Brewery Co
Performance |
| Timeline |
| Grandblue Environment |
| Chongqing Brewery |
Grandblue Environment and Chongqing Brewery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grandblue Environment and Chongqing Brewery
The main advantage of trading using opposite Grandblue Environment and Chongqing Brewery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grandblue Environment position performs unexpectedly, Chongqing Brewery 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 Brewery will offset losses from the drop in Chongqing Brewery's long position.| Grandblue Environment vs. PKU HealthCare Corp | Grandblue Environment vs. Humanwell Healthcare Group | Grandblue Environment vs. China Asset Management | Grandblue Environment vs. Everjoy Health Group |
| Chongqing Brewery vs. Hunan Tyen Machinery | Chongqing Brewery vs. Anhui Huilong Agricultural | Chongqing Brewery vs. China Eastern Airlines | Chongqing Brewery vs. Shenzhen Zhongzhuang Construction |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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