Correlation Between Zhejiang Publishing and Giantec Semiconductor
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By analyzing existing cross correlation between Zhejiang Publishing Media and Giantec Semiconductor Corp, you can compare the effects of market volatilities on Zhejiang Publishing and Giantec Semiconductor 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 Giantec Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Publishing and Giantec Semiconductor.
Diversification Opportunities for Zhejiang Publishing and Giantec Semiconductor
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Zhejiang and Giantec is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Publishing Media and Giantec Semiconductor Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Giantec Semiconductor 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 Giantec Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Giantec Semiconductor has no effect on the direction of Zhejiang Publishing i.e., Zhejiang Publishing and Giantec Semiconductor go up and down completely randomly.
Pair Corralation between Zhejiang Publishing and Giantec Semiconductor
Assuming the 90 days trading horizon Zhejiang Publishing is expected to generate 1.18 times less return on investment than Giantec Semiconductor. But when comparing it to its historical volatility, Zhejiang Publishing Media is 1.64 times less risky than Giantec Semiconductor. It trades about 0.02 of its potential returns per unit of risk. Giantec Semiconductor Corp is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 7,364 in Giantec Semiconductor Corp on October 16, 2024 and sell it today you would lose (1,189) from holding Giantec Semiconductor Corp or give up 16.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang Publishing Media vs. Giantec Semiconductor Corp
Performance |
| Timeline |
| Zhejiang Publishing Media |
| Giantec Semiconductor |
Zhejiang Publishing and Giantec Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Publishing and Giantec Semiconductor
The main advantage of trading using opposite Zhejiang Publishing and Giantec Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Publishing position performs unexpectedly, Giantec Semiconductor 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 Giantec Semiconductor will offset losses from the drop in Giantec Semiconductor's long position.| Zhejiang Publishing vs. Heilongjiang Transport Development | Zhejiang Publishing vs. Shanghai Jinfeng Wine | Zhejiang Publishing vs. Dazhong Transportation Group | Zhejiang Publishing vs. Citic Guoan Wine |
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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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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