Correlation Between GRINM Semiconductor and Guangdong Xiongsu
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By analyzing existing cross correlation between GRINM Semiconductor Materials and Guangdong Xiongsu Technology, you can compare the effects of market volatilities on GRINM Semiconductor and Guangdong Xiongsu 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 Guangdong Xiongsu. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRINM Semiconductor and Guangdong Xiongsu.
Diversification Opportunities for GRINM Semiconductor and Guangdong Xiongsu
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between GRINM and Guangdong is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding GRINM Semiconductor Materials and Guangdong Xiongsu Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Xiongsu 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 Guangdong Xiongsu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Xiongsu has no effect on the direction of GRINM Semiconductor i.e., GRINM Semiconductor and Guangdong Xiongsu go up and down completely randomly.
Pair Corralation between GRINM Semiconductor and Guangdong Xiongsu
Assuming the 90 days trading horizon GRINM Semiconductor Materials is expected to under-perform the Guangdong Xiongsu. But the stock apears to be less risky and, when comparing its historical volatility, GRINM Semiconductor Materials is 1.06 times less risky than Guangdong Xiongsu. The stock trades about -0.05 of its potential returns per unit of risk. The Guangdong Xiongsu Technology is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 751.00 in Guangdong Xiongsu Technology on September 3, 2024 and sell it today you would earn a total of 23.00 from holding Guangdong Xiongsu Technology or generate 3.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRINM Semiconductor Materials vs. Guangdong Xiongsu Technology
Performance |
| Timeline |
| GRINM Semiconductor |
| Guangdong Xiongsu |
GRINM Semiconductor and Guangdong Xiongsu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRINM Semiconductor and Guangdong Xiongsu
The main advantage of trading using opposite GRINM Semiconductor and Guangdong Xiongsu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRINM Semiconductor position performs unexpectedly, Guangdong Xiongsu 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 Guangdong Xiongsu will offset losses from the drop in Guangdong Xiongsu's long position.| GRINM Semiconductor vs. Agricultural Bank of | GRINM Semiconductor vs. China Construction Bank | GRINM Semiconductor vs. Postal Savings Bank | GRINM Semiconductor vs. Bank of Communications |
| Guangdong Xiongsu vs. Super Dragon Engineering Plastics | Guangdong Xiongsu vs. Renxin New Material | Guangdong Xiongsu vs. Hangzhou Gaoxin Rubber | Guangdong Xiongsu vs. GRINM Semiconductor Materials |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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