Correlation Between Shandong Sinoglory and GKHT Medical
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By analyzing existing cross correlation between Shandong Sinoglory Health and GKHT Medical Technology, you can compare the effects of market volatilities on Shandong Sinoglory and GKHT Medical 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 Shandong Sinoglory with a short position of GKHT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Sinoglory and GKHT Medical.
Diversification Opportunities for Shandong Sinoglory and GKHT Medical
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shandong and GKHT is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Sinoglory Health and GKHT Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GKHT Medical Technology and Shandong Sinoglory 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 Shandong Sinoglory Health are associated (or correlated) with GKHT Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GKHT Medical Technology has no effect on the direction of Shandong Sinoglory i.e., Shandong Sinoglory and GKHT Medical go up and down completely randomly.
Pair Corralation between Shandong Sinoglory and GKHT Medical
Assuming the 90 days trading horizon Shandong Sinoglory Health is expected to generate 0.78 times more return on investment than GKHT Medical. However, Shandong Sinoglory Health is 1.28 times less risky than GKHT Medical. It trades about -0.01 of its potential returns per unit of risk. GKHT Medical Technology is currently generating about -0.02 per unit of risk. If you would invest 1,433 in Shandong Sinoglory Health on September 4, 2024 and sell it today you would lose (170.00) from holding Shandong Sinoglory Health or give up 11.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Sinoglory Health vs. GKHT Medical Technology
Performance |
| Timeline |
| Shandong Sinoglory Health |
| GKHT Medical Technology |
Shandong Sinoglory and GKHT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Sinoglory and GKHT Medical
The main advantage of trading using opposite Shandong Sinoglory and GKHT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Sinoglory position performs unexpectedly, GKHT Medical 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 GKHT Medical will offset losses from the drop in GKHT Medical's long position.| Shandong Sinoglory vs. Jiangsu GDK Biotechnology | Shandong Sinoglory vs. Kontour Medical Technology | Shandong Sinoglory vs. Shandong Polymer Biochemicals | Shandong Sinoglory vs. Allmed Medical Products |
| GKHT Medical vs. Zhongshan Broad Ocean Motor | GKHT Medical vs. Beijing SPC Environment | GKHT Medical vs. RoadMain T Co | GKHT Medical vs. Shandong Hi Speed RoadBridge |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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