Correlation Between GRINM Semiconductor and Sichuan Fulin
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By analyzing existing cross correlation between GRINM Semiconductor Materials and Sichuan Fulin Transportation, you can compare the effects of market volatilities on GRINM Semiconductor and Sichuan Fulin 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 Sichuan Fulin. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRINM Semiconductor and Sichuan Fulin.
Diversification Opportunities for GRINM Semiconductor and Sichuan Fulin
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between GRINM and Sichuan is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding GRINM Semiconductor Materials and Sichuan Fulin Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sichuan Fulin Transp 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 Sichuan Fulin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sichuan Fulin Transp has no effect on the direction of GRINM Semiconductor i.e., GRINM Semiconductor and Sichuan Fulin go up and down completely randomly.
Pair Corralation between GRINM Semiconductor and Sichuan Fulin
Assuming the 90 days trading horizon GRINM Semiconductor Materials is expected to under-perform the Sichuan Fulin. But the stock apears to be less risky and, when comparing its historical volatility, GRINM Semiconductor Materials is 1.37 times less risky than Sichuan Fulin. The stock trades about -0.03 of its potential returns per unit of risk. The Sichuan Fulin Transportation is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 681.00 in Sichuan Fulin Transportation on November 3, 2024 and sell it today you would earn a total of 51.00 from holding Sichuan Fulin Transportation or generate 7.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRINM Semiconductor Materials vs. Sichuan Fulin Transportation
Performance |
| Timeline |
| GRINM Semiconductor |
| Sichuan Fulin Transp |
GRINM Semiconductor and Sichuan Fulin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRINM Semiconductor and Sichuan Fulin
The main advantage of trading using opposite GRINM Semiconductor and Sichuan Fulin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRINM Semiconductor position performs unexpectedly, Sichuan Fulin 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 Sichuan Fulin will offset losses from the drop in Sichuan Fulin's long position.| GRINM Semiconductor vs. Zoje Resources Investment | GRINM Semiconductor vs. Jiangsu Yueda Investment | GRINM Semiconductor vs. China Eastern Airlines | GRINM Semiconductor vs. Shenzhen Topway Video |
| Sichuan Fulin vs. Runjian Communication Co | Sichuan Fulin vs. Beijing Bewinner Communications | Sichuan Fulin vs. Eastern Communications Co | Sichuan Fulin vs. Lecron Energy Saving |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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