Correlation Between Zhejiang Publishing and GRG Banking
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By analyzing existing cross correlation between Zhejiang Publishing Media and GRG Banking Equipment, you can compare the effects of market volatilities on Zhejiang Publishing 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 Zhejiang Publishing with a short position of GRG Banking. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Publishing and GRG Banking.
Diversification Opportunities for Zhejiang Publishing and GRG Banking
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Zhejiang and GRG is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Publishing Media 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 Zhejiang Publishing 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 Zhejiang Publishing Media 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 Zhejiang Publishing i.e., Zhejiang Publishing and GRG Banking go up and down completely randomly.
Pair Corralation between Zhejiang Publishing and GRG Banking
Assuming the 90 days trading horizon Zhejiang Publishing is expected to generate 1.33 times less return on investment than GRG Banking. In addition to that, Zhejiang Publishing is 1.18 times more volatile than GRG Banking Equipment. It trades about 0.03 of its total potential returns per unit of risk. GRG Banking Equipment is currently generating about 0.04 per unit of volatility. If you would invest 957.00 in GRG Banking Equipment on September 3, 2024 and sell it today you would earn a total of 349.00 from holding GRG Banking Equipment or generate 36.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang Publishing Media vs. GRG Banking Equipment
Performance |
| Timeline |
| Zhejiang Publishing Media |
| GRG Banking Equipment |
Zhejiang Publishing and GRG Banking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Publishing and GRG Banking
The main advantage of trading using opposite Zhejiang Publishing and GRG Banking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Publishing 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.| Zhejiang Publishing vs. Jonjee Hi tech Industrial | Zhejiang Publishing vs. Kuangda Technology Group | Zhejiang Publishing vs. Eastern Communications Co | Zhejiang Publishing vs. Dhc Software Co |
| GRG Banking vs. Agricultural Bank of | GRG Banking vs. China Construction Bank | GRG Banking vs. Postal Savings Bank | GRG Banking vs. Bank of Communications |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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