Correlation Between Ye Chiu and GigaDevice SemiconductorBei
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ye Chiu Metal and GigaDevice SemiconductorBeiji, you can compare the effects of market volatilities on Ye Chiu and GigaDevice SemiconductorBei 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 Ye Chiu with a short position of GigaDevice SemiconductorBei. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ye Chiu and GigaDevice SemiconductorBei.
Diversification Opportunities for Ye Chiu and GigaDevice SemiconductorBei
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 601388 and GigaDevice is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Ye Chiu Metal and GigaDevice SemiconductorBeiji in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GigaDevice SemiconductorBei and Ye Chiu 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 Ye Chiu Metal are associated (or correlated) with GigaDevice SemiconductorBei. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GigaDevice SemiconductorBei has no effect on the direction of Ye Chiu i.e., Ye Chiu and GigaDevice SemiconductorBei go up and down completely randomly.
Pair Corralation between Ye Chiu and GigaDevice SemiconductorBei
Assuming the 90 days trading horizon Ye Chiu Metal is expected to generate 1.15 times more return on investment than GigaDevice SemiconductorBei. However, Ye Chiu is 1.15 times more volatile than GigaDevice SemiconductorBeiji. It trades about 0.17 of its potential returns per unit of risk. GigaDevice SemiconductorBeiji is currently generating about -0.3 per unit of risk. If you would invest 276.00 in Ye Chiu Metal on September 13, 2024 and sell it today you would earn a total of 24.00 from holding Ye Chiu Metal or generate 8.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ye Chiu Metal vs. GigaDevice SemiconductorBeiji
Performance |
| Timeline |
| Ye Chiu Metal |
| GigaDevice SemiconductorBei |
Ye Chiu and GigaDevice SemiconductorBei Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ye Chiu and GigaDevice SemiconductorBei
The main advantage of trading using opposite Ye Chiu and GigaDevice SemiconductorBei positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ye Chiu position performs unexpectedly, GigaDevice SemiconductorBei 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 GigaDevice SemiconductorBei will offset losses from the drop in GigaDevice SemiconductorBei's long position.| Ye Chiu vs. Zijin Mining Group | Ye Chiu vs. Wanhua Chemical Group | Ye Chiu vs. Baoshan Iron Steel | Ye Chiu vs. Shandong Gold Mining |
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.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |