Correlation Between Goodwill E and Shandong Gold
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By analyzing existing cross correlation between Goodwill E Health and Shandong Gold Mining, you can compare the effects of market volatilities on Goodwill E and Shandong Gold 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 Goodwill E with a short position of Shandong Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goodwill E and Shandong Gold.
Diversification Opportunities for Goodwill E and Shandong Gold
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Goodwill and Shandong is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Goodwill E Health and Shandong Gold Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Gold Mining and Goodwill E 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 Goodwill E Health are associated (or correlated) with Shandong Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Gold Mining has no effect on the direction of Goodwill E i.e., Goodwill E and Shandong Gold go up and down completely randomly.
Pair Corralation between Goodwill E and Shandong Gold
Assuming the 90 days trading horizon Goodwill E Health is expected to generate 2.97 times more return on investment than Shandong Gold. However, Goodwill E is 2.97 times more volatile than Shandong Gold Mining. It trades about -0.05 of its potential returns per unit of risk. Shandong Gold Mining is currently generating about -0.18 per unit of risk. If you would invest 2,618 in Goodwill E Health on October 22, 2024 and sell it today you would lose (439.00) from holding Goodwill E Health or give up 16.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Goodwill E Health vs. Shandong Gold Mining
Performance |
| Timeline |
| Goodwill E Health |
| Shandong Gold Mining |
Goodwill E and Shandong Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goodwill E and Shandong Gold
The main advantage of trading using opposite Goodwill E and Shandong Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goodwill E position performs unexpectedly, Shandong Gold 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 Shandong Gold will offset losses from the drop in Shandong Gold's long position.| Goodwill E vs. Mango Excellent Media | Goodwill E vs. Yili Chuanning Biotechnology | Goodwill E vs. Fujian Wanchen Biotechnology | Goodwill E vs. Hengdian Entertainment Co |
| Shandong Gold vs. XinJiang GuoTong Pipeline | Shandong Gold vs. Fibocom Wireless | Shandong Gold vs. Lotus Health Group | Shandong Gold vs. Goodwill E Health |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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