Correlation Between Shaanxi Broadcast and GRG Banking
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By analyzing existing cross correlation between Shaanxi Broadcast TV and GRG Banking Equipment, you can compare the effects of market volatilities on Shaanxi Broadcast 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 Shaanxi Broadcast with a short position of GRG Banking. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shaanxi Broadcast and GRG Banking.
Diversification Opportunities for Shaanxi Broadcast and GRG Banking
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shaanxi and GRG is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Shaanxi Broadcast TV 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 Shaanxi Broadcast 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 Shaanxi Broadcast TV 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 Shaanxi Broadcast i.e., Shaanxi Broadcast and GRG Banking go up and down completely randomly.
Pair Corralation between Shaanxi Broadcast and GRG Banking
Assuming the 90 days trading horizon Shaanxi Broadcast TV is expected to generate 1.19 times more return on investment than GRG Banking. However, Shaanxi Broadcast is 1.19 times more volatile than GRG Banking Equipment. It trades about -0.07 of its potential returns per unit of risk. GRG Banking Equipment is currently generating about -0.18 per unit of risk. If you would invest 263.00 in Shaanxi Broadcast TV on October 28, 2024 and sell it today you would lose (10.00) from holding Shaanxi Broadcast TV or give up 3.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shaanxi Broadcast TV vs. GRG Banking Equipment
Performance |
| Timeline |
| Shaanxi Broadcast |
| GRG Banking Equipment |
Shaanxi Broadcast and GRG Banking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shaanxi Broadcast and GRG Banking
The main advantage of trading using opposite Shaanxi Broadcast and GRG Banking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shaanxi Broadcast 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.| Shaanxi Broadcast vs. Dynagreen Environmental Protection | Shaanxi Broadcast vs. New Hope Dairy | Shaanxi Broadcast vs. Changjiang Jinggong Steel | Shaanxi Broadcast vs. Gansu Huangtai Wine marketing |
| GRG Banking vs. Grandblue Environment Co | GRG Banking vs. Baoshan Iron Steel | GRG Banking vs. Jiangxi Lianchuang Opto electronic | GRG Banking vs. Shenzhen MYS Environmental |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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