Correlation Between CareRay Digital and Gifore Agricultural
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By analyzing existing cross correlation between CareRay Digital Medical and Gifore Agricultural Machinery, you can compare the effects of market volatilities on CareRay Digital and Gifore Agricultural 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 CareRay Digital with a short position of Gifore Agricultural. Check out your portfolio center. Please also check ongoing floating volatility patterns of CareRay Digital and Gifore Agricultural.
Diversification Opportunities for CareRay Digital and Gifore Agricultural
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between CareRay and Gifore is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding CareRay Digital Medical and Gifore Agricultural Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gifore Agricultural and CareRay Digital 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 CareRay Digital Medical are associated (or correlated) with Gifore Agricultural. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gifore Agricultural has no effect on the direction of CareRay Digital i.e., CareRay Digital and Gifore Agricultural go up and down completely randomly.
Pair Corralation between CareRay Digital and Gifore Agricultural
Assuming the 90 days trading horizon CareRay Digital is expected to generate 41.88 times less return on investment than Gifore Agricultural. But when comparing it to its historical volatility, CareRay Digital Medical is 1.02 times less risky than Gifore Agricultural. It trades about 0.0 of its potential returns per unit of risk. Gifore Agricultural Machinery is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 495.00 in Gifore Agricultural Machinery on September 12, 2024 and sell it today you would earn a total of 23.00 from holding Gifore Agricultural Machinery or generate 4.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
CareRay Digital Medical vs. Gifore Agricultural Machinery
Performance |
| Timeline |
| CareRay Digital Medical |
| Gifore Agricultural |
CareRay Digital and Gifore Agricultural Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CareRay Digital and Gifore Agricultural
The main advantage of trading using opposite CareRay Digital and Gifore Agricultural positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CareRay Digital position performs unexpectedly, Gifore Agricultural 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 Gifore Agricultural will offset losses from the drop in Gifore Agricultural's long position.| CareRay Digital vs. Sunwave Communications Co | CareRay Digital vs. Harbin Hatou Investment | CareRay Digital vs. Xiandai Investment Co | CareRay Digital vs. Tongyu Communication |
| Gifore Agricultural vs. Impulse Qingdao Health | Gifore Agricultural vs. Guangzhou Dongfang Hotel | Gifore Agricultural vs. PKU HealthCare Corp | Gifore Agricultural vs. China World Trade |
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 CEOs Directory module to screen CEOs from public companies around the world.
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