Correlation Between Grandblue Environment and Shanghai Newtouch
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By analyzing existing cross correlation between Grandblue Environment Co and Shanghai Newtouch Software, you can compare the effects of market volatilities on Grandblue Environment and Shanghai Newtouch 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 Shanghai Newtouch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grandblue Environment and Shanghai Newtouch.
Diversification Opportunities for Grandblue Environment and Shanghai Newtouch
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Grandblue and Shanghai is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Grandblue Environment Co and Shanghai Newtouch Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Newtouch 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 Shanghai Newtouch. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Newtouch has no effect on the direction of Grandblue Environment i.e., Grandblue Environment and Shanghai Newtouch go up and down completely randomly.
Pair Corralation between Grandblue Environment and Shanghai Newtouch
Assuming the 90 days trading horizon Grandblue Environment is expected to generate 2.95 times less return on investment than Shanghai Newtouch. But when comparing it to its historical volatility, Grandblue Environment Co is 3.3 times less risky than Shanghai Newtouch. It trades about 0.04 of its potential returns per unit of risk. Shanghai Newtouch Software is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 1,071 in Shanghai Newtouch Software on October 16, 2024 and sell it today you would earn a total of 329.00 from holding Shanghai Newtouch Software or generate 30.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grandblue Environment Co vs. Shanghai Newtouch Software
Performance |
| Timeline |
| Grandblue Environment |
| Shanghai Newtouch |
Grandblue Environment and Shanghai Newtouch Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grandblue Environment and Shanghai Newtouch
The main advantage of trading using opposite Grandblue Environment and Shanghai Newtouch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grandblue Environment position performs unexpectedly, Shanghai Newtouch 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 Shanghai Newtouch will offset losses from the drop in Shanghai Newtouch's long position.| Grandblue Environment vs. Hangzhou Minsheng Healthcare | Grandblue Environment vs. Heren Health Co | Grandblue Environment vs. Iat Automobile Technology | Grandblue Environment vs. Tianjin Ruixin Technology |
| Shanghai Newtouch vs. Hengdian Entertainment Co | Shanghai Newtouch vs. Sportsoul Co Ltd | Shanghai Newtouch vs. Duzhe Publishing Media | Shanghai Newtouch vs. Mango Excellent Media |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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