Correlation Between Gemdale Corp and Haoxiangni Jujube
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By analyzing existing cross correlation between Gemdale Corp and Haoxiangni Jujube Co, you can compare the effects of market volatilities on Gemdale Corp and Haoxiangni Jujube 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 Gemdale Corp with a short position of Haoxiangni Jujube. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gemdale Corp and Haoxiangni Jujube.
Diversification Opportunities for Gemdale Corp and Haoxiangni Jujube
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Gemdale and Haoxiangni is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Gemdale Corp and Haoxiangni Jujube Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haoxiangni Jujube and Gemdale Corp 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 Gemdale Corp are associated (or correlated) with Haoxiangni Jujube. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haoxiangni Jujube has no effect on the direction of Gemdale Corp i.e., Gemdale Corp and Haoxiangni Jujube go up and down completely randomly.
Pair Corralation between Gemdale Corp and Haoxiangni Jujube
Assuming the 90 days trading horizon Gemdale Corp is expected to generate 2.8 times less return on investment than Haoxiangni Jujube. But when comparing it to its historical volatility, Gemdale Corp is 2.96 times less risky than Haoxiangni Jujube. It trades about 0.16 of its potential returns per unit of risk. Haoxiangni Jujube Co is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 797.00 in Haoxiangni Jujube Co on November 5, 2024 and sell it today you would earn a total of 135.00 from holding Haoxiangni Jujube Co or generate 16.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gemdale Corp vs. Haoxiangni Jujube Co
Performance |
| Timeline |
| Gemdale Corp |
| Haoxiangni Jujube |
Gemdale Corp and Haoxiangni Jujube Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gemdale Corp and Haoxiangni Jujube
The main advantage of trading using opposite Gemdale Corp and Haoxiangni Jujube positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gemdale Corp position performs unexpectedly, Haoxiangni Jujube 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 Haoxiangni Jujube will offset losses from the drop in Haoxiangni Jujube's long position.| Gemdale Corp vs. Wonders Information | Gemdale Corp vs. Guangxi Wuzhou Communications | Gemdale Corp vs. ButOne Information Corp | Gemdale Corp vs. Jilin Jlu Communication |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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