Correlation Between Giantec Semiconductor and Xiangyang Automobile
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By analyzing existing cross correlation between Giantec Semiconductor Corp and Xiangyang Automobile Bearing, you can compare the effects of market volatilities on Giantec Semiconductor and Xiangyang Automobile 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 Giantec Semiconductor with a short position of Xiangyang Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Giantec Semiconductor and Xiangyang Automobile.
Diversification Opportunities for Giantec Semiconductor and Xiangyang Automobile
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Giantec and Xiangyang is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Giantec Semiconductor Corp and Xiangyang Automobile Bearing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiangyang Automobile and Giantec Semiconductor 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 Giantec Semiconductor Corp are associated (or correlated) with Xiangyang Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiangyang Automobile has no effect on the direction of Giantec Semiconductor i.e., Giantec Semiconductor and Xiangyang Automobile go up and down completely randomly.
Pair Corralation between Giantec Semiconductor and Xiangyang Automobile
Assuming the 90 days trading horizon Giantec Semiconductor Corp is expected to generate 0.89 times more return on investment than Xiangyang Automobile. However, Giantec Semiconductor Corp is 1.12 times less risky than Xiangyang Automobile. It trades about 0.05 of its potential returns per unit of risk. Xiangyang Automobile Bearing is currently generating about 0.03 per unit of risk. If you would invest 5,857 in Giantec Semiconductor Corp on October 14, 2024 and sell it today you would earn a total of 494.00 from holding Giantec Semiconductor Corp or generate 8.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Giantec Semiconductor Corp vs. Xiangyang Automobile Bearing
Performance |
| Timeline |
| Giantec Semiconductor |
| Xiangyang Automobile |
Giantec Semiconductor and Xiangyang Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Giantec Semiconductor and Xiangyang Automobile
The main advantage of trading using opposite Giantec Semiconductor and Xiangyang Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Giantec Semiconductor position performs unexpectedly, Xiangyang Automobile 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 Xiangyang Automobile will offset losses from the drop in Xiangyang Automobile's long position.| Giantec Semiconductor vs. Shenwu Energy Saving | Giantec Semiconductor vs. Bank of Suzhou | Giantec Semiconductor vs. Qilu Bank Co | Giantec Semiconductor vs. Industrial Bank Co |
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