Correlation Between GRINM Semiconductor and Dongxing Sec
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By analyzing existing cross correlation between GRINM Semiconductor Materials and Dongxing Sec Co, you can compare the effects of market volatilities on GRINM Semiconductor and Dongxing Sec 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 Dongxing Sec. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRINM Semiconductor and Dongxing Sec.
Diversification Opportunities for GRINM Semiconductor and Dongxing Sec
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between GRINM and Dongxing is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding GRINM Semiconductor Materials and Dongxing Sec Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dongxing Sec 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 Dongxing Sec. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dongxing Sec has no effect on the direction of GRINM Semiconductor i.e., GRINM Semiconductor and Dongxing Sec go up and down completely randomly.
Pair Corralation between GRINM Semiconductor and Dongxing Sec
Assuming the 90 days trading horizon GRINM Semiconductor Materials is expected to under-perform the Dongxing Sec. In addition to that, GRINM Semiconductor is 1.45 times more volatile than Dongxing Sec Co. It trades about 0.0 of its total potential returns per unit of risk. Dongxing Sec Co is currently generating about 0.05 per unit of volatility. If you would invest 801.00 in Dongxing Sec Co on September 5, 2024 and sell it today you would earn a total of 349.00 from holding Dongxing Sec Co or generate 43.57% 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. Dongxing Sec Co
Performance |
| Timeline |
| GRINM Semiconductor |
| Dongxing Sec |
GRINM Semiconductor and Dongxing Sec Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRINM Semiconductor and Dongxing Sec
The main advantage of trading using opposite GRINM Semiconductor and Dongxing Sec positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRINM Semiconductor position performs unexpectedly, Dongxing Sec 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 Dongxing Sec will offset losses from the drop in Dongxing Sec'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 |
| Dongxing Sec vs. Renxin New Material | Dongxing Sec vs. Road Environment Technology | Dongxing Sec vs. Suzhou Xingye Material | Dongxing Sec vs. Chengdu Xinzhu RoadBridge |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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