Correlation Between Guobo Electronics and Heilongjiang Transport
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By analyzing existing cross correlation between Guobo Electronics Co and Heilongjiang Transport Development, you can compare the effects of market volatilities on Guobo Electronics and Heilongjiang Transport 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 Guobo Electronics with a short position of Heilongjiang Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guobo Electronics and Heilongjiang Transport.
Diversification Opportunities for Guobo Electronics and Heilongjiang Transport
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Guobo and Heilongjiang is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Guobo Electronics Co and Heilongjiang Transport Develop in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heilongjiang Transport and Guobo Electronics 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 Guobo Electronics Co are associated (or correlated) with Heilongjiang Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heilongjiang Transport has no effect on the direction of Guobo Electronics i.e., Guobo Electronics and Heilongjiang Transport go up and down completely randomly.
Pair Corralation between Guobo Electronics and Heilongjiang Transport
Assuming the 90 days trading horizon Guobo Electronics Co is expected to generate 0.97 times more return on investment than Heilongjiang Transport. However, Guobo Electronics Co is 1.03 times less risky than Heilongjiang Transport. It trades about 0.02 of its potential returns per unit of risk. Heilongjiang Transport Development is currently generating about -0.02 per unit of risk. If you would invest 5,397 in Guobo Electronics Co on December 13, 2024 and sell it today you would earn a total of 392.00 from holding Guobo Electronics Co or generate 7.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guobo Electronics Co vs. Heilongjiang Transport Develop
Performance |
| Timeline |
| Guobo Electronics |
| Heilongjiang Transport |
Guobo Electronics and Heilongjiang Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guobo Electronics and Heilongjiang Transport
The main advantage of trading using opposite Guobo Electronics and Heilongjiang Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guobo Electronics position performs unexpectedly, Heilongjiang Transport 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 Heilongjiang Transport will offset losses from the drop in Heilongjiang Transport's long position.| Guobo Electronics vs. Chengtun Mining Group | ||
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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 Stocks Directory module to find actively traded stocks across global markets.
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