Correlation Between Juewei Food and GRINM Semiconductor
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By analyzing existing cross correlation between Juewei Food Co and GRINM Semiconductor Materials, you can compare the effects of market volatilities on Juewei Food and GRINM 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 Juewei Food with a short position of GRINM Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juewei Food and GRINM Semiconductor.
Diversification Opportunities for Juewei Food and GRINM Semiconductor
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Juewei and GRINM is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Juewei Food Co and GRINM Semiconductor Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRINM Semiconductor and Juewei Food 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 Juewei Food Co are associated (or correlated) with GRINM Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRINM Semiconductor has no effect on the direction of Juewei Food i.e., Juewei Food and GRINM Semiconductor go up and down completely randomly.
Pair Corralation between Juewei Food and GRINM Semiconductor
Assuming the 90 days trading horizon Juewei Food Co is expected to under-perform the GRINM Semiconductor. But the stock apears to be less risky and, when comparing its historical volatility, Juewei Food Co is 1.06 times less risky than GRINM Semiconductor. The stock trades about -0.09 of its potential returns per unit of risk. The GRINM Semiconductor Materials is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 1,548 in GRINM Semiconductor Materials on October 16, 2024 and sell it today you would lose (525.00) from holding GRINM Semiconductor Materials or give up 33.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juewei Food Co vs. GRINM Semiconductor Materials
Performance |
| Timeline |
| Juewei Food |
| GRINM Semiconductor |
Juewei Food and GRINM Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juewei Food and GRINM Semiconductor
The main advantage of trading using opposite Juewei Food and GRINM Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juewei Food position performs unexpectedly, GRINM 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 GRINM Semiconductor will offset losses from the drop in GRINM Semiconductor's long position.| Juewei Food vs. Shenyang Blue Silver | Juewei Food vs. Uroica Mining Safety | Juewei Food vs. Shenzhen Silver Basis | Juewei Food vs. Shengda Mining Co |
| GRINM Semiconductor vs. Xiandai Investment Co | GRINM Semiconductor vs. Shanghai Material Trading | GRINM Semiconductor vs. Wintao Communications Co | GRINM Semiconductor vs. Zhongrun Resources Investment |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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