Correlation Between Sichuan Hebang and Gem Year
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By analyzing existing cross correlation between Sichuan Hebang Biotechnology and Gem Year Industrial Co, you can compare the effects of market volatilities on Sichuan Hebang and Gem Year 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 Sichuan Hebang with a short position of Gem Year. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sichuan Hebang and Gem Year.
Diversification Opportunities for Sichuan Hebang and Gem Year
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sichuan and Gem is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Sichuan Hebang Biotechnology and Gem Year Industrial Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gem Year Industrial and Sichuan Hebang 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 Sichuan Hebang Biotechnology are associated (or correlated) with Gem Year. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gem Year Industrial has no effect on the direction of Sichuan Hebang i.e., Sichuan Hebang and Gem Year go up and down completely randomly.
Pair Corralation between Sichuan Hebang and Gem Year
If you would invest 0.00 in Sichuan Hebang Biotechnology on October 11, 2024 and sell it today you would earn a total of 0.00 from holding Sichuan Hebang Biotechnology or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Sichuan Hebang Biotechnology vs. Gem Year Industrial Co
Performance |
| Timeline |
| Sichuan Hebang Biote |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Gem Year Industrial |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
Sichuan Hebang and Gem Year Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sichuan Hebang and Gem Year
The main advantage of trading using opposite Sichuan Hebang and Gem Year positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sichuan Hebang position performs unexpectedly, Gem Year 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 Gem Year will offset losses from the drop in Gem Year's long position.| Sichuan Hebang vs. Sichuan Fulin Transportation | Sichuan Hebang vs. Dazhong Transportation Group | Sichuan Hebang vs. Anhui Transport Consulting | Sichuan Hebang vs. Shanghai Broadband Technology |
| Gem Year vs. Fujian Anjoy Foods | Gem Year vs. Guilin Seamild Foods | Gem Year vs. Shanghai Ziyan Foods | Gem Year vs. Anji Foodstuff Co |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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