Correlation Between Anhui Conch and GRG Banking
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By analyzing existing cross correlation between Anhui Conch Cement and GRG Banking Equipment, you can compare the effects of market volatilities on Anhui Conch and GRG Banking 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 Anhui Conch with a short position of GRG Banking. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Conch and GRG Banking.
Diversification Opportunities for Anhui Conch and GRG Banking
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Anhui and GRG is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Conch Cement and GRG Banking Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRG Banking Equipment and Anhui Conch 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 Anhui Conch Cement are associated (or correlated) with GRG Banking. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRG Banking Equipment has no effect on the direction of Anhui Conch i.e., Anhui Conch and GRG Banking go up and down completely randomly.
Pair Corralation between Anhui Conch and GRG Banking
Assuming the 90 days trading horizon Anhui Conch Cement is expected to under-perform the GRG Banking. But the stock apears to be less risky and, when comparing its historical volatility, Anhui Conch Cement is 4.39 times less risky than GRG Banking. The stock trades about -0.11 of its potential returns per unit of risk. The GRG Banking Equipment is currently generating about 0.29 of returns per unit of risk over similar time horizon. If you would invest 1,161 in GRG Banking Equipment on December 1, 2024 and sell it today you would earn a total of 265.00 from holding GRG Banking Equipment or generate 22.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Conch Cement vs. GRG Banking Equipment
Performance |
| Timeline |
| Anhui Conch Cement |
| GRG Banking Equipment |
Anhui Conch and GRG Banking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Conch and GRG Banking
The main advantage of trading using opposite Anhui Conch and GRG Banking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Conch position performs unexpectedly, GRG Banking 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 GRG Banking will offset losses from the drop in GRG Banking's long position.| Anhui Conch vs. Bomesc Offshore Engineering | Anhui Conch vs. Wuhan Hvsen Biotechnology | Anhui Conch vs. Nantong Haixing Electronics | Anhui Conch vs. Guangzhou Zhujiang Brewery |
| GRG Banking vs. Kuang Chi Technologies | GRG Banking vs. Giantec Semiconductor Corp | GRG Banking vs. Fiberhome Telecommunication Technologies | GRG Banking vs. Wintao Communications Co |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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