Correlation Between GRINM Semiconductor and Beijing Yanjing
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By analyzing existing cross correlation between GRINM Semiconductor Materials and Beijing Yanjing Brewery, you can compare the effects of market volatilities on GRINM Semiconductor and Beijing Yanjing 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 GRINM Semiconductor with a short position of Beijing Yanjing. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRINM Semiconductor and Beijing Yanjing.
Diversification Opportunities for GRINM Semiconductor and Beijing Yanjing
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between GRINM and Beijing is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding GRINM Semiconductor Materials and Beijing Yanjing Brewery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Yanjing Brewery and GRINM Semiconductor 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 GRINM Semiconductor Materials are associated (or correlated) with Beijing Yanjing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Yanjing Brewery has no effect on the direction of GRINM Semiconductor i.e., GRINM Semiconductor and Beijing Yanjing go up and down completely randomly.
Pair Corralation between GRINM Semiconductor and Beijing Yanjing
Assuming the 90 days trading horizon GRINM Semiconductor Materials is expected to under-perform the Beijing Yanjing. In addition to that, GRINM Semiconductor is 1.87 times more volatile than Beijing Yanjing Brewery. It trades about -0.01 of its total potential returns per unit of risk. Beijing Yanjing Brewery is currently generating about 0.06 per unit of volatility. If you would invest 1,021 in Beijing Yanjing Brewery on September 4, 2024 and sell it today you would earn a total of 19.00 from holding Beijing Yanjing Brewery or generate 1.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRINM Semiconductor Materials vs. Beijing Yanjing Brewery
Performance |
| Timeline |
| GRINM Semiconductor |
| Beijing Yanjing Brewery |
GRINM Semiconductor and Beijing Yanjing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRINM Semiconductor and Beijing Yanjing
The main advantage of trading using opposite GRINM Semiconductor and Beijing Yanjing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRINM Semiconductor position performs unexpectedly, Beijing Yanjing 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 Beijing Yanjing will offset losses from the drop in Beijing Yanjing's long position.| GRINM Semiconductor vs. Cultural Investment Holdings | GRINM Semiconductor vs. Gome Telecom Equipment | GRINM Semiconductor vs. Bus Online Co | GRINM Semiconductor vs. Holitech Technology Co |
| Beijing Yanjing vs. Jiangsu Xinri E Vehicle | Beijing Yanjing vs. Offshore Oil Engineering | Beijing Yanjing vs. Beijing Mainstreets Investment | Beijing Yanjing vs. CIMC Vehicles Co |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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