Correlation Between Suzhou Xingye and GRIPM Advanced
Specify exactly 2 symbols:
By analyzing existing cross correlation between Suzhou Xingye Material and GRIPM Advanced Materials, you can compare the effects of market volatilities on Suzhou Xingye and GRIPM Advanced 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 Suzhou Xingye with a short position of GRIPM Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Xingye and GRIPM Advanced.
Diversification Opportunities for Suzhou Xingye and GRIPM Advanced
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Suzhou and GRIPM is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Xingye Material and GRIPM Advanced Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRIPM Advanced Materials and Suzhou Xingye 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 Suzhou Xingye Material are associated (or correlated) with GRIPM Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRIPM Advanced Materials has no effect on the direction of Suzhou Xingye i.e., Suzhou Xingye and GRIPM Advanced go up and down completely randomly.
Pair Corralation between Suzhou Xingye and GRIPM Advanced
Assuming the 90 days trading horizon Suzhou Xingye Material is expected to generate 1.26 times more return on investment than GRIPM Advanced. However, Suzhou Xingye is 1.26 times more volatile than GRIPM Advanced Materials. It trades about 0.11 of its potential returns per unit of risk. GRIPM Advanced Materials is currently generating about 0.04 per unit of risk. If you would invest 846.00 in Suzhou Xingye Material on August 29, 2024 and sell it today you would earn a total of 60.00 from holding Suzhou Xingye Material or generate 7.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Suzhou Xingye Material vs. GRIPM Advanced Materials
Performance |
| Timeline |
| Suzhou Xingye Material |
| GRIPM Advanced Materials |
Suzhou Xingye and GRIPM Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Xingye and GRIPM Advanced
The main advantage of trading using opposite Suzhou Xingye and GRIPM Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Xingye position performs unexpectedly, GRIPM Advanced 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 GRIPM Advanced will offset losses from the drop in GRIPM Advanced's long position.| Suzhou Xingye vs. Guosheng Financial Holding | Suzhou Xingye vs. Industrial Bank Co | Suzhou Xingye vs. HeBei Jinniu Chemical | Suzhou Xingye vs. Jilin Chemical Fibre |
| GRIPM Advanced vs. Zijin Mining Group | GRIPM Advanced vs. Wanhua Chemical Group | GRIPM Advanced vs. Baoshan Iron Steel | GRIPM Advanced vs. Shandong Gold Mining |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |