Correlation Between Dynagreen Environmental and GRG Banking
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By analyzing existing cross correlation between Dynagreen Environmental Protection and GRG Banking Equipment, you can compare the effects of market volatilities on Dynagreen Environmental 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 Dynagreen Environmental with a short position of GRG Banking. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dynagreen Environmental and GRG Banking.
Diversification Opportunities for Dynagreen Environmental and GRG Banking
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Dynagreen and GRG is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Dynagreen Environmental Protec 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 Dynagreen Environmental 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 Dynagreen Environmental Protection 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 Dynagreen Environmental i.e., Dynagreen Environmental and GRG Banking go up and down completely randomly.
Pair Corralation between Dynagreen Environmental and GRG Banking
Assuming the 90 days trading horizon Dynagreen Environmental Protection is expected to generate 0.82 times more return on investment than GRG Banking. However, Dynagreen Environmental Protection is 1.21 times less risky than GRG Banking. It trades about -0.16 of its potential returns per unit of risk. GRG Banking Equipment is currently generating about -0.53 per unit of risk. If you would invest 663.00 in Dynagreen Environmental Protection on October 9, 2024 and sell it today you would lose (32.00) from holding Dynagreen Environmental Protection or give up 4.83% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dynagreen Environmental Protec vs. GRG Banking Equipment
Performance |
| Timeline |
| Dynagreen Environmental |
| GRG Banking Equipment |
Dynagreen Environmental and GRG Banking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dynagreen Environmental and GRG Banking
The main advantage of trading using opposite Dynagreen Environmental and GRG Banking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dynagreen Environmental 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.| Dynagreen Environmental vs. Shenzhen MYS Environmental | Dynagreen Environmental vs. AVIC Fund Management | Dynagreen Environmental vs. Rongan Property Co | Dynagreen Environmental vs. Haoxiangni Jujube Co |
| GRG Banking vs. Xinya Electronic Co | GRG Banking vs. Hunan Investment Group | GRG Banking vs. Anhui Shiny Electronic | GRG Banking vs. Leyard Optoelectronic |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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