Correlation Between GRIPM Advanced and Yankershop Food
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By analyzing existing cross correlation between GRIPM Advanced Materials and Yankershop Food Co, you can compare the effects of market volatilities on GRIPM Advanced and Yankershop Food 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 GRIPM Advanced with a short position of Yankershop Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRIPM Advanced and Yankershop Food.
Diversification Opportunities for GRIPM Advanced and Yankershop Food
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between GRIPM and Yankershop is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding GRIPM Advanced Materials and Yankershop Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yankershop Food and GRIPM Advanced 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 GRIPM Advanced Materials are associated (or correlated) with Yankershop Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yankershop Food has no effect on the direction of GRIPM Advanced i.e., GRIPM Advanced and Yankershop Food go up and down completely randomly.
Pair Corralation between GRIPM Advanced and Yankershop Food
Assuming the 90 days trading horizon GRIPM Advanced is expected to generate 1.16 times less return on investment than Yankershop Food. In addition to that, GRIPM Advanced is 1.37 times more volatile than Yankershop Food Co. It trades about 0.01 of its total potential returns per unit of risk. Yankershop Food Co is currently generating about 0.02 per unit of volatility. If you would invest 4,741 in Yankershop Food Co on August 27, 2024 and sell it today you would earn a total of 349.00 from holding Yankershop Food Co or generate 7.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRIPM Advanced Materials vs. Yankershop Food Co
Performance |
| Timeline |
| GRIPM Advanced Materials |
| Yankershop Food |
GRIPM Advanced and Yankershop Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRIPM Advanced and Yankershop Food
The main advantage of trading using opposite GRIPM Advanced and Yankershop Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRIPM Advanced position performs unexpectedly, Yankershop Food 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 Yankershop Food will offset losses from the drop in Yankershop Food's long position.| GRIPM Advanced vs. Zijin Mining Group | GRIPM Advanced vs. Wanhua Chemical Group | GRIPM Advanced vs. Baoshan Iron Steel | GRIPM Advanced vs. Shandong Gold Mining |
| Yankershop Food vs. China Petroleum Chemical | Yankershop Food vs. PetroChina Co Ltd | Yankershop Food vs. China State Construction | Yankershop Food vs. China Railway Group |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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