Correlation Between GRINM Semiconductor and Andon Health
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By analyzing existing cross correlation between GRINM Semiconductor Materials and Andon Health Co, you can compare the effects of market volatilities on GRINM Semiconductor and Andon Health 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 Andon Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRINM Semiconductor and Andon Health.
Diversification Opportunities for GRINM Semiconductor and Andon Health
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between GRINM and Andon is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding GRINM Semiconductor Materials and Andon Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Andon Health 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 Andon Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Andon Health has no effect on the direction of GRINM Semiconductor i.e., GRINM Semiconductor and Andon Health go up and down completely randomly.
Pair Corralation between GRINM Semiconductor and Andon Health
Assuming the 90 days trading horizon GRINM Semiconductor Materials is expected to under-perform the Andon Health. In addition to that, GRINM Semiconductor is 1.64 times more volatile than Andon Health Co. It trades about -0.42 of its total potential returns per unit of risk. Andon Health Co is currently generating about -0.27 per unit of volatility. If you would invest 4,271 in Andon Health Co on October 11, 2024 and sell it today you would lose (276.00) from holding Andon Health Co or give up 6.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
GRINM Semiconductor Materials vs. Andon Health Co
Performance |
| Timeline |
| GRINM Semiconductor |
| Andon Health |
GRINM Semiconductor and Andon Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRINM Semiconductor and Andon Health
The main advantage of trading using opposite GRINM Semiconductor and Andon Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRINM Semiconductor position performs unexpectedly, Andon Health 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 Andon Health will offset losses from the drop in Andon Health's long position.| GRINM Semiconductor vs. Runjian Communication Co | GRINM Semiconductor vs. China Asset Management | GRINM Semiconductor vs. CICC Fund Management | GRINM Semiconductor vs. Nanjing Putian Telecommunications |
| Andon Health vs. Beijing Yanjing Brewery | Andon Health vs. Fiberhome Telecommunication Technologies | Andon Health vs. Anji Foodstuff Co | Andon Health vs. Sunwave Communications 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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