Correlation Between Beijing Roborock and GKHT Medical
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By analyzing existing cross correlation between Beijing Roborock Technology and GKHT Medical Technology, you can compare the effects of market volatilities on Beijing Roborock and GKHT Medical 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 GKHT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and GKHT Medical.
Diversification Opportunities for Beijing Roborock and GKHT Medical
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Beijing and GKHT is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and GKHT Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GKHT Medical Technology 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 GKHT Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GKHT Medical Technology has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and GKHT Medical go up and down completely randomly.
Pair Corralation between Beijing Roborock and GKHT Medical
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to generate 0.92 times more return on investment than GKHT Medical. However, Beijing Roborock Technology is 1.08 times less risky than GKHT Medical. It trades about 0.03 of its potential returns per unit of risk. GKHT Medical Technology is currently generating about -0.04 per unit of risk. If you would invest 18,466 in Beijing Roborock Technology on September 13, 2024 and sell it today you would earn a total of 3,985 from holding Beijing Roborock Technology or generate 21.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 72.48% |
| Values | Daily Returns |
Beijing Roborock Technology vs. GKHT Medical Technology
Performance |
| Timeline |
| Beijing Roborock Tec |
| GKHT Medical Technology |
Beijing Roborock and GKHT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and GKHT Medical
The main advantage of trading using opposite Beijing Roborock and GKHT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, GKHT Medical 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 GKHT Medical will offset losses from the drop in GKHT Medical's long position.| Beijing Roborock vs. Sino Platinum Metals Co | Beijing Roborock vs. Hengli Industrial Development | Beijing Roborock vs. Hang Xiao Steel | Beijing Roborock vs. Qiaoyin Environmental Tech |
| GKHT Medical vs. Industrial and Commercial | GKHT Medical vs. Kweichow Moutai Co | GKHT Medical vs. Agricultural Bank of | GKHT Medical vs. China Mobile Limited |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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