Correlation Between Gem Year and Guangzhou Haozhi
Specify exactly 2 symbols:
By analyzing existing cross correlation between Gem Year Industrial Co and Guangzhou Haozhi Industrial, you can compare the effects of market volatilities on Gem Year and Guangzhou Haozhi 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 Gem Year with a short position of Guangzhou Haozhi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gem Year and Guangzhou Haozhi.
Diversification Opportunities for Gem Year and Guangzhou Haozhi
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Gem and Guangzhou is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Gem Year Industrial Co and Guangzhou Haozhi Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Haozhi Ind and Gem Year 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 Gem Year Industrial Co are associated (or correlated) with Guangzhou Haozhi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Haozhi Ind has no effect on the direction of Gem Year i.e., Gem Year and Guangzhou Haozhi go up and down completely randomly.
Pair Corralation between Gem Year and Guangzhou Haozhi
Assuming the 90 days trading horizon Gem Year is expected to generate 2.63 times less return on investment than Guangzhou Haozhi. But when comparing it to its historical volatility, Gem Year Industrial Co is 2.14 times less risky than Guangzhou Haozhi. It trades about 0.18 of its potential returns per unit of risk. Guangzhou Haozhi Industrial is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 1,883 in Guangzhou Haozhi Industrial on November 3, 2024 and sell it today you would earn a total of 306.00 from holding Guangzhou Haozhi Industrial or generate 16.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gem Year Industrial Co vs. Guangzhou Haozhi Industrial
Performance |
| Timeline |
| Gem Year Industrial |
| Guangzhou Haozhi Ind |
Gem Year and Guangzhou Haozhi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gem Year and Guangzhou Haozhi
The main advantage of trading using opposite Gem Year and Guangzhou Haozhi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gem Year position performs unexpectedly, Guangzhou Haozhi 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 Guangzhou Haozhi will offset losses from the drop in Guangzhou Haozhi's long position.| Gem Year vs. Guocheng Mining Co | Gem Year vs. Zhengzhou Coal Mining | Gem Year vs. Shenyang Blue Silver | Gem Year vs. Zhangjiagang Freetrade Science |
| Guangzhou Haozhi vs. Agricultural Bank of | Guangzhou Haozhi vs. Industrial and Commercial | Guangzhou Haozhi vs. Bank of China | Guangzhou Haozhi vs. PetroChina Co Ltd |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |