Correlation Between Gome Telecom and Uroica Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between Gome Telecom Equipment and Uroica Mining Safety, you can compare the effects of market volatilities on Gome Telecom and Uroica Mining 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 Gome Telecom with a short position of Uroica Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gome Telecom and Uroica Mining.
Diversification Opportunities for Gome Telecom and Uroica Mining
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Gome and Uroica is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Gome Telecom Equipment and Uroica Mining Safety in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Uroica Mining Safety and Gome Telecom 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 Gome Telecom Equipment are associated (or correlated) with Uroica Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Uroica Mining Safety has no effect on the direction of Gome Telecom i.e., Gome Telecom and Uroica Mining go up and down completely randomly.
Pair Corralation between Gome Telecom and Uroica Mining
Assuming the 90 days trading horizon Gome Telecom Equipment is expected to generate 0.95 times more return on investment than Uroica Mining. However, Gome Telecom Equipment is 1.06 times less risky than Uroica Mining. It trades about 0.14 of its potential returns per unit of risk. Uroica Mining Safety is currently generating about 0.1 per unit of risk. If you would invest 107.00 in Gome Telecom Equipment on September 2, 2024 and sell it today you would earn a total of 83.00 from holding Gome Telecom Equipment or generate 77.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gome Telecom Equipment vs. Uroica Mining Safety
Performance |
| Timeline |
| Gome Telecom Equipment |
| Uroica Mining Safety |
Gome Telecom and Uroica Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gome Telecom and Uroica Mining
The main advantage of trading using opposite Gome Telecom and Uroica Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gome Telecom position performs unexpectedly, Uroica Mining 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 Uroica Mining will offset losses from the drop in Uroica Mining's long position.| Gome Telecom vs. Ming Yang Smart | Gome Telecom vs. 159681 | Gome Telecom vs. 159005 | Gome Telecom vs. Loctek Ergonomic Technology |
| Uroica Mining vs. Ye Chiu Metal | Uroica Mining vs. Tianshan Aluminum Group | Uroica Mining vs. Beijing Jiaman Dress | Uroica Mining vs. Yili Chuanning Biotechnology |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |