Correlation Between Beijing Roborock and Guangzhou Jinyi
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By analyzing existing cross correlation between Beijing Roborock Technology and Guangzhou Jinyi Media, you can compare the effects of market volatilities on Beijing Roborock and Guangzhou Jinyi 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 Beijing Roborock with a short position of Guangzhou Jinyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Guangzhou Jinyi.
Diversification Opportunities for Beijing Roborock and Guangzhou Jinyi
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Beijing and Guangzhou is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Guangzhou Jinyi Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Jinyi Media and Beijing Roborock 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 Beijing Roborock Technology are associated (or correlated) with Guangzhou Jinyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Jinyi Media has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Guangzhou Jinyi go up and down completely randomly.
Pair Corralation between Beijing Roborock and Guangzhou Jinyi
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to generate 0.54 times more return on investment than Guangzhou Jinyi. However, Beijing Roborock Technology is 1.84 times less risky than Guangzhou Jinyi. It trades about 0.1 of its potential returns per unit of risk. Guangzhou Jinyi Media is currently generating about -0.24 per unit of risk. If you would invest 23,164 in Beijing Roborock Technology on October 11, 2024 and sell it today you would earn a total of 927.00 from holding Beijing Roborock Technology or generate 4.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Guangzhou Jinyi Media
Performance |
| Timeline |
| Beijing Roborock Tec |
| Guangzhou Jinyi Media |
Beijing Roborock and Guangzhou Jinyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Guangzhou Jinyi
The main advantage of trading using opposite Beijing Roborock and Guangzhou Jinyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Guangzhou Jinyi 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 Guangzhou Jinyi will offset losses from the drop in Guangzhou Jinyi's long position.| Beijing Roborock vs. China Everbright Bank | Beijing Roborock vs. Jiajia Food Group | Beijing Roborock vs. Bank of Suzhou | Beijing Roborock vs. Anji Foodstuff Co |
| Guangzhou Jinyi vs. Kweichow Moutai Co | Guangzhou Jinyi vs. Contemporary Amperex Technology | Guangzhou Jinyi vs. G bits Network Technology | Guangzhou Jinyi vs. Beijing Roborock Technology |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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