Correlation Between GRINM Semiconductor and Shanghai Action
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By analyzing existing cross correlation between GRINM Semiconductor Materials and Shanghai Action Education, you can compare the effects of market volatilities on GRINM Semiconductor and Shanghai Action 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 Shanghai Action. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRINM Semiconductor and Shanghai Action.
Diversification Opportunities for GRINM Semiconductor and Shanghai Action
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between GRINM and Shanghai is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding GRINM Semiconductor Materials and Shanghai Action Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Action Education 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 Shanghai Action. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Action Education has no effect on the direction of GRINM Semiconductor i.e., GRINM Semiconductor and Shanghai Action go up and down completely randomly.
Pair Corralation between GRINM Semiconductor and Shanghai Action
If you would invest 3,653 in Shanghai Action Education on October 11, 2024 and sell it today you would earn a total of 90.00 from holding Shanghai Action Education or generate 2.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
GRINM Semiconductor Materials vs. Shanghai Action Education
Performance |
| Timeline |
| GRINM Semiconductor |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Shanghai Action Education |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
GRINM Semiconductor and Shanghai Action Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRINM Semiconductor and Shanghai Action
The main advantage of trading using opposite GRINM Semiconductor and Shanghai Action positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRINM Semiconductor position performs unexpectedly, Shanghai Action 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 Shanghai Action will offset losses from the drop in Shanghai Action'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 |
| Shanghai Action vs. Eit Environmental Development | Shanghai Action vs. Cangzhou Mingzhu Plastic | Shanghai Action vs. GreenTech Environmental Co | Shanghai Action vs. Hangzhou Gaoxin Rubber |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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