Correlation Between GRINM Semiconductor and Mengtian Home
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By analyzing existing cross correlation between GRINM Semiconductor Materials and Mengtian Home Group, you can compare the effects of market volatilities on GRINM Semiconductor and Mengtian Home 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 Mengtian Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRINM Semiconductor and Mengtian Home.
Diversification Opportunities for GRINM Semiconductor and Mengtian Home
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GRINM and Mengtian is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GRINM Semiconductor Materials and Mengtian Home Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mengtian Home Group 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 Mengtian Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mengtian Home Group has no effect on the direction of GRINM Semiconductor i.e., GRINM Semiconductor and Mengtian Home go up and down completely randomly.
Pair Corralation between GRINM Semiconductor and Mengtian Home
Assuming the 90 days trading horizon GRINM Semiconductor Materials is expected to under-perform the Mengtian Home. But the stock apears to be less risky and, when comparing its historical volatility, GRINM Semiconductor Materials is 2.11 times less risky than Mengtian Home. The stock trades about -0.18 of its potential returns per unit of risk. The Mengtian Home Group is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,095 in Mengtian Home Group on October 30, 2024 and sell it today you would earn a total of 8.00 from holding Mengtian Home Group or generate 0.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRINM Semiconductor Materials vs. Mengtian Home Group
Performance |
| Timeline |
| GRINM Semiconductor |
| Mengtian Home Group |
GRINM Semiconductor and Mengtian Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRINM Semiconductor and Mengtian Home
The main advantage of trading using opposite GRINM Semiconductor and Mengtian Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRINM Semiconductor position performs unexpectedly, Mengtian Home 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 Mengtian Home will offset losses from the drop in Mengtian Home's long position.| GRINM Semiconductor vs. Lander Sports Development | GRINM Semiconductor vs. China Asset Management | GRINM Semiconductor vs. Mango Excellent Media | GRINM Semiconductor vs. Thinkingdom Media Group |
| Mengtian Home vs. Cloud Live Technology | Mengtian Home vs. Nanjing Putian Telecommunications | Mengtian Home vs. Shenzhen Coship Electronics | Mengtian Home vs. Shenzhen Hifuture Electric |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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