Correlation Between Beijing Roborock and Guilin Seamild
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By analyzing existing cross correlation between Beijing Roborock Technology and Guilin Seamild Foods, you can compare the effects of market volatilities on Beijing Roborock and Guilin Seamild 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 Guilin Seamild. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Guilin Seamild.
Diversification Opportunities for Beijing Roborock and Guilin Seamild
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beijing and Guilin is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Guilin Seamild Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guilin Seamild Foods 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 Guilin Seamild. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guilin Seamild Foods has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Guilin Seamild go up and down completely randomly.
Pair Corralation between Beijing Roborock and Guilin Seamild
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to generate 1.06 times more return on investment than Guilin Seamild. However, Beijing Roborock is 1.06 times more volatile than Guilin Seamild Foods. It trades about 0.14 of its potential returns per unit of risk. Guilin Seamild Foods is currently generating about -0.08 per unit of risk. If you would invest 21,266 in Beijing Roborock Technology on October 26, 2024 and sell it today you would earn a total of 1,652 from holding Beijing Roborock Technology or generate 7.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Guilin Seamild Foods
Performance |
| Timeline |
| Beijing Roborock Tec |
| Guilin Seamild Foods |
Beijing Roborock and Guilin Seamild Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Guilin Seamild
The main advantage of trading using opposite Beijing Roborock and Guilin Seamild positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Guilin Seamild 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 Guilin Seamild will offset losses from the drop in Guilin Seamild's long position.| Beijing Roborock vs. ROPEOK Technology Group | Beijing Roborock vs. Fujian Newland Computer | Beijing Roborock vs. Beijing Seeyon Internet | Beijing Roborock vs. Sichuan Jinshi Technology |
| Guilin Seamild vs. Kweichow Moutai Co | Guilin Seamild vs. Contemporary Amperex Technology | Guilin Seamild vs. G bits Network Technology | Guilin Seamild 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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